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Financing

Financing Practice Question

The Home Ownership and Equity Protection Act (HOEPA) provides protections for borrowers in:
A
All mortgage loans
B
High-cost mortgage loans
C
Reverse mortgages only
D
Commercial loans only
Explanation

HOEPA provides enhanced protections for borrowers in high-cost mortgage loans, which are defined by having interest rates or fees above certain thresholds. These loans require additional disclosures and have restrictions on loan terms and practices.

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