What are HPLs?
HPLs are the Higher-Priced Loans
The price data take the form of a "rate spread." Lenders must report the spread between the annual percentage rate (APR) on a loan and the rate on Treasury securities of comparable maturity – but only for loans with spreads above designated thresholds. So rate spreads are reported for some, but not all, reported home loans.
The APR represents the cost of credit to the consumer. It captures not just the contract-based interest rate on a loan, but also the points and fees that a consumer pays and other finance charges such as premiums for private mortgage insurance. Lenders must calculate and disclose the APR to consumers under a separate law, the Truth in Lending Act.
Lenders also report price information in the form of a "flag" indicating whether a loan exceeds the price triggers of the Home Ownership and Equity Protection Act (HOEPA). Those triggers are substantially higher than the thresholds for reporting rate spreads. (https://www.federalreserve.gov/newsevents/pressrel...