HOEPA Update Reminder
By Amy Kudlacek
As if you didn't already have enough to remember with year-end coming, I have one more for you. On January 1, 2009 a new fee based trigger amount (for determining HOEPA status) will go into effect. Currently the trigger amount is $561 and will increase to $583. If you are using our HOEPA worksheet, you will need to download the 2009 version from our website. If your lenders save a copy to their computers, it is important that these old versions are deleted and replaced with the new version. If you are using other calculation software, you need to ensure that your provider updates their software with the correct information.