Reminder: Sun West‚Äôs Implementation of Truth in Lending (Regulation Z) Annual Threshold Adjustments
Dear Licensed Partner,
Effective for loans originated on or after January 1, 2015,¬†CFPB's¬†Final Rule¬†¬†updated the dollar amounts for provisions implementing amendments to Truth-in-Lending Act (TILA) under the Home Ownership and Equity Protection Act (HOEPA) and the Dodd-Frank Act.¬†Accordingly, Sun West has updated the following sections of its¬†guidelines:
Home Ownership and Equity Protection Act (HOEPA)¬†
The Loan Amount Thresholds and Points and Fees Limit used to determine whether a transaction is a High Cost Mortgage are revised as below:
Dodd-Frank Act - Ability to Repay/Qualified Mortgage (QM)
The Loan Amount Thresholds and Points and Fees Limits used to determine whether a transaction is a Qualified Mortgage (QM) are revised as below:
The Total Loan Amount is calculated by subtracting any points and fees that are financed by the creditor from the amount financed.
If you have any questions, please contact your Client Relations Manager at¬†(855) OK-SUNWEST¬†or¬†(855) 657-8693.
This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.