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TREAS/OCC | RIN: 1557-AF23 | Publication ID: Fall 2023 |
Title: ●Appraisals for Higher-Priced Mortgage Loans Exemption Threshold | |
Abstract:
The OCC, the Board, and the Bureau plan to finalize 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. The OCC, the Board, the Bureau, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Federal Housing Finance Agency (FHFA) (collectively, the Agencies) jointly issued final rules implementing these requirements, effective January 18, 2014. The Agencies’ rules exempted, among other loan types, 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). If there is no annual percentage increase in the CPI-W, the OCC, the Board, and the Bureau will not adjust this exemption threshold from the prior year. However, in years following a year in which the exemption threshold was not adjusted, the threshold is calculated by applying the annual percentage increase in the CPI-W to the dollar amount that would have resulted, after rounding, if the decreases and any subsequent increases in the CPI-W had been taken into account. |
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Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: Undetermined | Unfunded Mandates: Undetermined |
CFR Citation: 12 CFR 34 | |
Legal Authority: 12 U.S.C. 1 et seq. 12 U.S.C. 25b 12 U.S.C. 29 12 U.S.C. 93a 12 U.S.C. 371 12 U.S.C. 1462a 12 U.S.C. 1464 12 U.S.C. 1465 12 U.S.C. 1701j-3 12 U.S.C. 1828(o) 12 U.S.C. 3331 et seq. 12 U.S.C. 5101 et seq. 12 U.S.C. 5412(b)(2)(B) 15 U.S.C. 1639h |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: Undetermined | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: MaryAnn Nash Counsel Department of the Treasury Comptroller of the Currency Chief Counsel's Office, 400 7th Street SW, Washington, DC 20219 Phone:202 649-6287 Email: maryann.nash@occ.treas.gov |