How is HERA\HOEPA EFFECTING YOUR BUSINESS?

In 2008 Congress, Fannie Mae and Freddie Mac put into place new regulations that effect home buyers and timelines for closing a home purchase. This recent legislation is likely to result in significant changes in how the mortgage industry operates. HERA is the Housing and Economic Recovery Act. This amends the Truth and Lending (TIL) act setting early and final receipt of the TIL disclosure part of the timeline for closing. HOEPA is the Home Ownership and Equity Protection Act. This legislation is lenthy so I provided a link that will inform you. This is especially important to mortgage consultants and how they conduct their purchase and refinance business. Once you are at the site go to the Industries tab and select Banking and Capital Markets. You will find a PDF that you can download which explains in detail the new legislation. Let me know if this site is informative.