Fed announces HOEPA points and fees for 2005 – NMP Skip to main content

Fed announces HOEPA points and fees for 2005

National Mortgage Professional
Mar 24, 2014

Fed announces HOEPA points and fees for 2005MortgagePress.comHOEPA,Fees,Federal Reserve Board

The Federal Reserve Board is publishing a final rule amending the staff commentary that interprets the requirements of Regulation Z of the Truth-in-Lending Act. The Board is required to annually adjust the dollar amount that triggers requirements for certain home mortgage loans bearing fees above a certain amount. The Home Ownership and Equity Protection Act of 1994 sets forth rules for home-secured loans in which the total points and fees payable by the consumer at or before loan consummation exceed the greater of $400 or eight percent of the total loan amount. In keeping with the statute, the Board has annually adjusted the $400 amount based on the annual percentage change reflected in the Consumer Price Index that went into effect on June 1. The adjusted dollar amount for 2005 is $510, effective Sunday, Jan. 1.

For more information, visit www.federalreserve.gov.

Mar 24, 2014