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What is the Hoepa rule?

Alex Dopico

What is the Hoepa rule?

The 2013 HOEPA Rule requires that lenders provide applicants for federally-related mortgage loans with a written list of homeownership counseling organizations within three business days after the lender receives the application.

What regulation is Tila?

Truth in Lending Act

Who regulates Tila?

The Federal Trade Commission

What is the ability to repay rule?

The ability to repay rule is the part of the Dodd-Frank Act that restricts loans to borrowers who are likely to have difficulty repaying them. Factors considered in the ability to repay include the borrower’s income, assets, employment status, liabilities, credit history, and the debt-to-income (DTI) ratio.

What is a Hoepa disclosure?

May 31, 2014 Web SupportHOEPA. HOEPA, or the Home Ownership and Equity Protection Act, is designed to protect homeowners from predatory lenders and scammers who would seek to strip homes of their equity using abusive or deceptive lending practices.

What does Hoepa stand for?

Home Ownership and Equity Protection Act

What three things do lenders use credit scores to determine quizlet?

The factors that determine your credit score are called The Three C’s of Credit – Character, Capital and Capacity.

What are four actions you can take to help build a good credit rating?

Using credit responsibly is a must if you to build and maintain a good credit history.

  • Only Borrow What You Can Afford.
  • Use Only a Small Amount of the Credit You Have Available.
  • Start With Only One Credit Card.
  • Pay Your Credit Card Balance in Full.
  • Make All Your Payments on Time.
  • If You Carry a Balance, Do It the Right Way.

What are the five things you can do to improve your credit score?

There are steps you can take right now to begin ​raising your credit score.

  1. Get a Copy of Your Credit Reports.
  2. Dispute Credit Report Errors.
  3. Avoid New Credit Card Purchases.
  4. Pay off Past-Due Balances.
  5. Avoid New Credit Card Applications.
  6. Leave Accounts Open.
  7. Contact Your Creditors.
  8. Pay off Debt.

What are 4 ways you can hurt your credit score?

What can hurt your credit score?

  • Missing/late payments.
  • Maxing out credit cards.
  • Shopping for new credit frequently.
  • Taking out several loans in a short time frame.
  • Ratio of revolving debt to installment debt.
  • Closing credit cards.
  • Collections/profits and losses/bankruptcy/tax liens.