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Reverse Mortgages — HOEPA Status. If a lender reports an application or loan for a reverse mortgage, should a lender report HOEPA status?

April 26, 2017application hoepa Lender loan mortgages report reports reverse reverse mortgage Status

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Reverse Mortgages — HOEPA Status. If a lender reports an application or loan for a reverse mortgage, should a lender report HOEPA status?

1 Answer

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Reverse mortgages are not subject to the Home Ownership and Equity Protection Act of 1994 (HOEPA). See 15 U.S.C. § 1602(aa)(1). Therefore, a lender should enter the code for “not applicable” for HOEPA status.