Describes the characteristics of mortgage loans subject to either the HOEPA or the HPML requirements of Regulation Z.
This course explains the underwriting standards, timing and disclosure requirements, escrow, and servicing requirements. It also explains the penalties for violations of these sections of Regulation.
After completing this course, students will be able to:
• Identify the disclosures required and what they include
• Describe the features that are banned from high-rate, high-fee loans
• Examine the impact of laws and regulations and the consequences of non-compliance
• Recognize a HOEPA loan based on price and type of loan
• Recognize an HPML and understand the additional requirements for HPMLs