Study notes. AI-assisted reference for NMLS SAFE exam prep — verify against primary sources (CFR, statute, CFPB) before relying on it. Not legal advice.
Housing Finance Agency (HFA)
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A Housing Finance Agency (HFA) is a state or local government agency that provides financing for affordable housing programs.
Under the HOEPA Rule, loans originated and directly financed by a Housing Finance Agency (HFA) are exempt from HOEPA coverage. This means such loans do not need to be tested against the HOEPA coverage tests and are not subject to the restrictions on loan terms and other protections relating to high-cost mortgages. This exemption applies only to loans that HFAs directly finance, not loans they guarantee or insure.
Citation: 12 CFR § 1026.32(a)(2) as interpreted by the CFPB HOEPA Small Entity Compliance Guide (November 2018), Section 3.2.
Source material
- bcfp_hoepa_small entity_compliance guide
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