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Sun West's Implementation of Truth in Lending (Regulation Z) Annual Threshold AdjustmentsDear Licensed Partner, Effective for loans originated on or after January 1, 2017, CFPB's Final Rule updates 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 will be updating 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. Sincerely,
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