Home Ownership & Equity Protection Act

Statute: 15 USC 1639

Regulation: 12 CFR Part 226.32

APR: 1st Lien exceeds 8% plus treasury Security. 2nd lien exceeds 10% plus treasury Security.

Points & Fees: Exceed the larger of $527 or 8% of the total loan amount. (01/01/07 the amount will be $547.00)

H-15 Treasury Securities: Federal Reserve Data. Go to the "Treasury constant maturities" section and select the "Business Day" for the required constant maturity to be used.

HOEPA Purpose: Enacted in 1994, HOEPA amended the Truth in Lending Act (TILA) to impose additional disclosure requirements and limits on certain high-rate, high-fee loans.