HOEPA Updates for 2023
The CFPB is adjusting two dollar amounts that are used in the “points and fees”
trigger for coverage under HOEPA for calendar year 2023. The two dollar amounts
are (1) the loan amount threshold (changing from $22,969 to $24,866), and (2)
the total points and fees amount (changing from $1,148 to $1,243). All of our
core products will be updated to include these new amounts in the January release.
For our current customers, these updated amounts will be found in the hcm.ini file which was emailed out to our SCEX Quarterly Update Bulletin mailing list today, and is for use in the latest release of the SCEX, eWinLoan, and WinLoan32. We are also making the updated hcm.ini file available for download.
This year will see further regulatory changes affecting lending calculations and disclosures. J. L. Sherman & Associates promises to continue to keep you in compliance with whatever regulations affecting the calculations we provide, may come along.