Appraisals for Higher-Priced Mortgage Loans Exemption Threshold
Abstract
The OCC, the Board, and the CFPB are finalizing amendments to the official interpretations for their regulations that implement section 129H of the Truth in Lending Act (TILA). Section 129H of TILA establishes special appraisal requirements for "higher-risk mortgages," termed "higher-priced mortgage loans" or "HPMLs" in the agencies' regulations. A December 2013 rulemaking exempted transactions of $25,000 or less and required that this loan amount be adjusted annually based on any annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI- W). Based on the CPI-W in effect as of June 1, 2024, the exemption threshold will increase from $32,400 to $33,500, effective January 1, 2025.
Federal Register Source
This document is published by the Office of the Federal Register, National Archives and Records Administration. Access the full regulatory text, preamble, and docket comments below.
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Frequently Asked Questions
What is the 2024-23277 Federal Register document?
Document 2024-23277 is a Final Rule published by the Consumer Financial Protection Bureau in the Federal Register on October 15, 2024, with an effective date of January 1, 2025. The OCC, the Board, and the CFPB are finalizing amendments to the official interpretations for their regulations that implement section 129H of the Truth in Lending Act (TILA). Section 129H of TILA establishes special appraisal requirements for "higher-risk mortgages," termed "higher-priced mortgage loans" or "HPMLs" in the agencies' regulations. A December 2013 rulemaking exempted transactions of $25,000 or less and required that this loan amount be adjusted annually based on any annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI- W). Based on the CPI-W in effect as of June 1, 2024, the exemption threshold will increase from $32,400 to $33,500, effective January 1, 2025. View the original at https://www.federalregister.gov/documents/2024/10/15/2024-23277/appraisals-for-higher-priced-mortgage-loans-exemption-threshold.
Is document 2024-23277 an economically significant rule?
No. Document 2024-23277 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.