Price of HOEPA
The FRB has announced its annual readjustment of the HOEPA fee-based trigger for high cost mortgage calculations. The figure for 2004 will be $499. Be sure your worksheets and systems are adjusted accordingly. Note: this has no effect on HMDA disclosures other than indicating whether or not the loan is a high-cost loan. HMDA rate-spread calculations are not affected by this fee-based trigger.
Copyright © 2003 Compliance Action. Originally appeared in Compliance Action, Vol. 8, No. 11, 11/03
First published on 11/01/2003