Finance
The Home Ownership and Equity Protection Act (HOEPA) in South Dakota applies to:
AAll home purchase mortgages
BHigh-cost mortgage loans that meet certain APR or fee thresholds✓ Correct
CFHA and VA loans only
DMortgages with adjustable rates only
Explanation
HOEPA applies to 'high-cost' home loans that meet certain thresholds (high APR relative to a benchmark, or high fees). These loans have additional disclosure requirements and restrictions on loan terms.
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