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HOEPA Updates for 2023

Submitted 2022-12-22 07:15:00 -0800

The SCEX is loan calculation software that can be embedded within your own
application, supporting consumer, commercial, and mortgage loan
calculations. 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.