hoepa disclosuregreenspun.com : LUSENET : Fair Lending : One Thread
I need to know what a HOEPA Disclosure is:
-- Lynda Smith (firstname.lastname@example.org), January 05, 2001
According to what I know, and you have probably already gotten your answer, the HOEPA Disclosure has to advise the borrower 3 days prior to closing that they are entering into a high cost mortgage, what the interest rate is and the term and any other things such as pre- payment penalties, balloons, etc. This gives the borrower 3 days before closing and 3 days after closing to rescend the loan.
-- winnie lewis (email@example.com), March 21, 2001.
A HOEPA Disclosure is a Notice to the borrower that he is about to enter into a High Cost Loan (i.e., SECTION 32). It discloses the Annual Rate to the borrower "specifically" as well as what their payment will be. It is a Regulation that lenders are required to satisfy. This form allows the borrower an additional 3 days cancellation period on top of the usual 3 days issued. (6 days total)
-- SHERI STRUBLE (SSTRUBLE@MFINET.COM), November 29, 2001.