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HOEPA & High Rate Mortgage Loans

HOEPA & High Rate Mortgage Loans

if you getting a loan which is on high rate then you need to know what HEOPA is. It is the Home Ownership and Equity Protection Act of 1994 which protects the consumers when they take high rate loans. Loans are categorized between two types, first lien and second lien loans. First lien loan is one whose rate exceeds 8% and second lien loans are one whose rate is above 10% and these will be regulated by HOEPA as they are considered high rate loans.

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