Loans with fees that exceed $583 will have to include additional disclosures under the Home Ownership and Equity Protection Act starting Jan. 1, 2010, the Federal Reserve Board said Monday.

The target was originally set at $400 but the Fed is required to adjust it annually in line with changes to the consumer price index.

Under HOEPA, lenders will now be required to make disclosures available to borrowers if they pay fees in excess of $583 or 8% of the loan, whichever is greater. This rule is separate from a standard the Fed adopted last year that required disclosures for high-cost loans.

Since Monday's change is required by statute, the Fed said public comment is unnecessary.

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