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#882309 - 01/04/08 04:45 PM 2008 HOEPA Worksheet for California
Mrs. Rizzo Offline
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Mrs. Rizzo
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Curled up by the fire...
Does anyone have a worksheet for HOEPA calculations specific for California?
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#882403 - 01/04/08 06:13 PM Re: 2008 HOEPA Worksheet for California Mrs. Rizzo
Truffle Royale Offline

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I don't think these are state specific. We use the standard form.

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#882586 - 01/04/08 09:41 PM Re: 2008 HOEPA Worksheet for California Truffle Royale
Mrs. Rizzo Offline
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Curled up by the fire...
It was my understanding that CA was different?????
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#882618 - 01/04/08 10:50 PM Re: 2008 HOEPA Worksheet for California Mrs. Rizzo
Dan Persfull Online
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Dan Persfull
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A specific state may have their own high cost mortgage loan legislation which require different calculations in addition to the HOEPA calculations.

However, I am not familiar with CA lending laws (thank goodness) so I can't advise you there.
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#882620 - 01/04/08 10:54 PM Re: 2008 HOEPA Worksheet for California Dan Persfull
Mrs. Rizzo Offline
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Curled up by the fire...
CA has different triggers that I believe are 8 and 6 but I need to make sure...
Thank you!!!
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#882966 - 01/07/08 05:02 PM Re: 2008 HOEPA Worksheet for California Mrs. Rizzo
Mrs. Rizzo Offline
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Curled up by the fire...
Ok...got another question...

In the formula on the worksheet...what is the 6600???
=IF(OR(D14="YES",E14="YES"),"YES",IF(OR(D36=0,D40=0),"",IF(AND(D38<=6600,D36>561),"YES",IF(AND(D38>6600,D42>0.06),"YES","No"))))
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#884143 - 01/08/08 11:15 PM Re: 2008 HOEPA Worksheet for California Mrs. Rizzo
Mrs. Rizzo Offline
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Curled up by the fire...
Anyone, Anyone???
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#884317 - 01/09/08 03:16 PM Re: 2008 HOEPA Worksheet for California Mrs. Rizzo
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The sheet I have says the following:

=IF(OR(D14="YES",E14="YES"),"YES",IF(OR(D36=0,D40=0),"",IF(AND(D38<=7012.5,D36>561),"YES",IF(AND(D38>7012.5,D42>0.08),"YES","No"))))

(note this is not a California sheet I have).

The total points and fees payable by the consumer at or before loan closing will exceed the greater of:
a: 8% of the total loan amount for loans greater than $7,012.50 or
b: $561 for loans less than $7,012.50

So if you have a small $ loan, the fees would have to total more than $561, not more than 8% of the total loan amount.

Does that help at all, or am I rambling?
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#884434 - 01/09/08 04:50 PM Re: 2008 HOEPA Worksheet for California #12
Mrs. Rizzo Offline
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Curled up by the fire...
It helps...I'm just trying to figure out what that dollar amount/other figure is for??? The 7012.50?
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#884439 - 01/09/08 04:53 PM Re: 2008 HOEPA Worksheet for California Mrs. Rizzo
Bullseye Offline
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Your points and fees would need to be at least $561 (2008's new threshold). So if your loan amount is less than $7012.50, even if your points and fees are over 8% of the loan amount, they won't hit the minimum of $561. Does that make sense?
Last edited by Bullseye; 01/09/08 04:54 PM.
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#884445 - 01/09/08 05:02 PM Re: 2008 HOEPA Worksheet for California Bullseye
Mrs. Rizzo Offline
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Curled up by the fire...
I get that part...I just wondered who sets the 7012.50 or where that comes from?
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#884447 - 01/09/08 05:06 PM Re: 2008 HOEPA Worksheet for California Mrs. Rizzo
Bullseye Offline
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8% of $7012.50 is $561.

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#884449 - 01/09/08 05:08 PM Re: 2008 HOEPA Worksheet for California Mrs. Rizzo
ktac MITCH Offline
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Giant side of TX
Riz, the $7,012.50 is the loan amount that is " backed into " by figuiring that the max of $561 would be 8% of what loan amt ? And the $6,600 in your worksheet would be a max loan with 8% cap and max fees of $528
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#884556 - 01/09/08 06:28 PM Re: 2008 HOEPA Worksheet for California ktac MITCH
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Curled up by the fire...
So, would I be right in thinking that for CA being at 6% of the fees, my $ amt should be $9350 since 6% of $9350 is $561 which is the fee threshold????
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