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Question 1 of 4

1. Question
What is the primary purpose of the Homeownership and Equity Protection Act (HOEPA)?
- To eliminate the requirement that lenders evaluate a borrower’s ability to repay.
- To regulate only the fees charged by real estate agents and settlement service providers.
- To establish uniform interest rates for all residential mortgage loans.
- To restrict abusive lending practices
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Question 2 of 4

2. Question
Engaging in a pattern or practice of extending credit without regard to a consumer’s payment ability results in:
- A violation of the ability-to-repay requirements and potential liability under federal law.
- An automatic exemption from HOEPA requirements.
- A permissible lending practice if the loan is secured by the consumer’s principal dwelling.
- A violation only if the consumer ultimately defaults on the loan.
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Question 3 of 4

3. Question
Which of the following transactions is exempt from HOEPA coverage?
- A high-cost mortgage secured by the borrower's principal dwelling.
- A reverse mortgage transaction.
- A closed-end mortgage that meets the applicable high-cost mortgage thresholds.
- A home equity loan secured by the borrower's principal dwelling that meets HOEPA coverage requirements.
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Question 4 of 4

4. Question
Which of the following transactions is covered under HOEPA?
- A reverse mortgage
- A mortgage secured by an investment property that is not the consumer's principal dwelling.
- A closed-end consumer mortgage secured by the borrower's principal dwelling that meets the applicable high-cost mortgage thresholds.
- A loan secured by a dwelling that does not meet any of the applicable HOEPA coverage thresholds.
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