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Fed increases HOEPA fee trigger to 592 for 2011
WASHINGTON (8/5/10)--The minimum fee trigger for Home Ownership and Equity Protection Act (HOEPA) requirements will be increased to $592 in 2011, the Federal Reserve reported this week. The Fed is required to adjust the amount of mortgage fees that trigger additional disclosures under Truth in Lending as required under HOEPA. The Fed has annually adjusted the $400 amount based on the annual percentage change reflected in the Consumer Price Index as reported on June 1, the release added. For the Fed release, use the resource link.
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