Question

As a result of provisions included in the Dodd-Frank Act, HOEPA was revised to extend its provisions to:

a: Reverse mortgages
b: Bridge loans
c: Open-end transactions and purchase money mortgages
d: Closed-end transactions

Answer 1

The Dodd-Frank Act extended HOEPA provisions to closed-end transactions, while open-end transactions, purchase money mortgages, reverse mortgages, and bridge loans are not covered.

Step-by-step explanation:

The Dodd-Frank Act included provisions that extended the provisions of HOEPA (Home Ownership and Equity Protection Act) to closed-end transactions. This means that the regulations and protections offered by HOEPA now apply to loans that are fully paid off by the end of the loan term. Open-end transactions, purchase money mortgages, reverse mortgages, and bridge loans are not covered by HOEPA.