High-cost mortgage
definition (HOEPA).
A high-cost mortgage is a specific regulatory designation under HOEPA — the Home Ownership and Equity Protection Act — that triggers additional borrower protections.
A high-cost mortgage is a specific regulatory designation under HOEPA — the Home Ownership and Equity Protection Act — that triggers additional borrower protections.
HOEPA defines high-cost mortgages based on rate, fee, and prepayment penalty thresholds. Loans meeting these thresholds require additional disclosures, restrict certain loan terms, and provide enhanced borrower protections. Enforced by the CFPB.
HOEPA protections include mandatory disclosures at least 3 business days before closing, prohibition on certain loan features, and required housing counseling from a HUD-approved counselor.
A licensed MLO will review your situation and identify the right programs. NMLS# 1967971 · FL, TN, SC, CO, TX.
All content on this page is for informational and educational purposes only and does not constitute financial, legal, or mortgage advice. Loan programs, qualification requirements, and availability are subject to change without notice and vary by lender, borrower profile, property type, and market conditions. All loans are subject to credit approval. Not a commitment to lend. Speak with a licensed Mortgage Loan Originator for guidance specific to your situation. New Century Mortgage LLC · NMLS# 1967971 · Equal Housing Lender · NMLSConsumerAccess.org