HOEPA serves as an addendum to which regulation?

HOEPA, or the Home Ownership and Equity Protection Act, serves as an amendment to Regulation Z. Regulation Z implements the Truth in Lending Act (TILA), which is designed to promote informed use of consumer credit by requiring disclosures about its terms and cost. HOEPA specifically addresses certain high-cost home loans and provides additional protections for borrowers, such as limitations on fees, disclosures, and enhanced refinancing options.

This relationship illustrates how HOEPA builds upon the existing regulatory framework established by Regulation Z, enhancing consumer protections for a specific subset of loans. It is crucial for mortgage professionals to understand this connection as compliance with both HOEPA and Regulation Z is required in order to properly protect consumers engaging in high-cost mortgage transactions.