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LendingRisk.com Mortage Industry Dictionary

Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.

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High Cost Mortgage Loan

The Home Ownership Equity Protection Act (HOEPA) establishes a class of "high cost" mortgage loans that require special disclosures and are subject to other requirements. A high cost loan is defined as a closed end, non-purchase mortgage loan, secured by a borrower's primary residence, that has an annual percentage rate in excess of 10 percent above Treasury securities with a comparable maturity, or that has total fees and points that exceed the greater of $400 or 8 percent of the total loan amount.

See Home Ownership Equity Protection Act (HOEPA)
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Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.