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Points and Fees calculator

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  • September 30, 2013 at 2:36 pm EDT #3995
    Anonymous
    Inactive

    Is the “Finance Charge and the Total of points and Fees Calculator” given to us a couple of meetings ago, to be used for ATR as well as the new HOEPA calculations? I had in my notes for HOEPA that you use the same determination for points and fees as you would for ATR so I am assuming this calculator would work for both?

    Also, when is the CFPB supposed to have their lists of homeownership counselors available?

    Thanks!

    September 30, 2013 at 3:05 pm EDT #3996
    rcooper
    Member

    Yes, see in the ATR rules below that it references the high cost mortgage points and fees test.
    1026.43(e)(3): Limits on points and fees for qualified mortgages. (i) A covered transaction is not a qualified mortgage unless the transaction’s total points and fees, as defined in § 1026.32(b)(1), do not exceed…

    And I haven’t heard anything on the CFPBs list of homeownership counselors. Let’s hope they have it available by the effective date of January 10th.

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