WASHINGTON (11/21/12)--The minimum fee trigger for Home Ownership and Equity Protection Act (HOEPA) requirements will be increased to $625 in 2013, the Federal Reserve and Consumer Financial Protection Bureau (CFPB) reported this week.
The agencies are required to adjust the amount of mortgage fees that trigger additional disclosures under Truth in Lending as required under HOEPA each year.
The Fed and CFPB release also noted that the protections of the Truth in Lending Act (TILA) and the Consumer Leasing Act will generally apply to consumer credit transactions and consumer leases of $53,000 or less in 2013. However, the agencies noted, private education loans and loans that are secured by mortgages and other property will be subject to TILA regardless of the amount of the loan.
For the Fed release, use the resource link.