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It's Back! 30 Year Maturity Series

Answered by: 
Dan Persfull

Question: 
The 30 year Treasury constant maturity series was discontinued on February 18, 2002 and introduced again on February 9, 2006. In 2002, financial institutions were instructed to use the 20 year maturity series when performing the HOEPA Points & Fees Test. We have not been able to find any update to say that we need to start using the 30 year maturity series again. Can you tell us what the expected behavior is for 30 year mortgages when performing the HOEPA points and fees test?
Answer: 

The guidance was issued to allow the use of the 20 year since the 30 year no longer existed. Now that the 30 year has been reintroduced you would follow the requirements of 226.32 and its Commentary.

First published on BankersOnline.com 12/04/06

First published on 12/04/2006

Filed under: 
Compliance
Filed under compliance as: 
Fees
HOEPA

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