Home Ownership and Equity Protection Act
E482930
The Home Ownership and Equity Protection Act is a U.S. federal law designed to curb predatory lending practices in high-cost home loans by imposing enhanced disclosure requirements and restrictions on abusive mortgage terms.
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal law
ⓘ
consumer protection law ⓘ mortgage lending regulation ⓘ |
| administeredBy |
Consumer Financial Protection Bureau
NERFINISHED
ⓘ
Federal Reserve Board NERFINISHED ⓘ |
| aimsTo |
increase transparency in mortgage terms
ⓘ
reduce equity stripping from homeowners ⓘ |
| appliesTo |
certain refinances secured by a consumer's principal dwelling
ⓘ
high-cost home equity loans ⓘ |
| codifiedIn | 15 U.S.C. § 1639 ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| enactedBy | United States Congress ⓘ |
| establishes |
triggers based on APR for high-cost mortgage coverage
ⓘ
triggers based on points and fees for high-cost mortgage coverage ⓘ triggers based on prepayment penalties for high-cost mortgage coverage ⓘ |
| excludes | purchase-money mortgages for most provisions ⓘ |
| focusesOn | subprime and high-cost mortgage markets ⓘ |
| implementedThrough | Regulation Z NERFINISHED ⓘ |
| imposes |
ability-to-repay requirements for high-cost loans
ⓘ
enhanced disclosure requirements ⓘ restrictions on balloon payments in high-cost loans ⓘ restrictions on due-on-demand clauses in high-cost loans ⓘ restrictions on negative amortization in high-cost loans ⓘ restrictions on prepayment penalties in high-cost loans ⓘ |
| influenced | CFPB high-cost mortgage rules under Regulation Z NERFINISHED ⓘ |
| legalRemedies |
assignee liability for certain high-cost loans
ⓘ
enhanced civil liability for violations ⓘ |
| partOf | Truth in Lending Act NERFINISHED ⓘ |
| prohibits |
financing of single-premium credit insurance in high-cost loans
ⓘ
loan flipping in high-cost mortgages ⓘ making high-cost loans without regard to the borrower’s repayment ability ⓘ most prepayment penalties on high-cost loans after a certain period ⓘ |
| protects | homeowners with limited income or credit ⓘ |
| purpose |
curb predatory lending in high-cost home loans
ⓘ
enhance disclosure requirements for certain mortgages ⓘ protect consumers from abusive mortgage terms ⓘ |
| relatedTo |
Real Estate Settlement Procedures Act
NERFINISHED
ⓘ
Truth in Lending Act NERFINISHED ⓘ |
| requires |
notice to assignees that a loan is subject to HOEPA
ⓘ
special advance disclosures for high-cost mortgages ⓘ |
| sector | housing finance ⓘ |
| shortName | HOEPA NERFINISHED ⓘ |
| signedBy | Bill Clinton ⓘ |
| signedOn | 1994-09-23 ⓘ |
| strengthenedBy | Dodd–Frank Wall Street Reform and Consumer Protection Act NERFINISHED ⓘ |
| subjectMatter |
consumer credit disclosures
ⓘ
home equity lending ⓘ |
| yearEnacted | 1994 ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.