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HOEPA operates by designating certain mortgages as high- cost through the use of an APR trigger and a fee trigger. The Federal Reserve Board has set the fees trigger at 8% and the APR trigger at 8% for first-lien loans and 10% for all subordinate loans.
If the originator of a high cost mortgage fails to include in the mortgage a notice of potential liability to assignees and also falsifies the disclosures and disbursements so as to conceal the points, fees, or interest rate that would trigger HOEPA, then an assignee takes the mortgage free from any claims and defenses that HOEPA may have provided the borrower.