Regulatory Alerts2022-10-20 | 2022-22820Appraisals for Higher-Priced Mortgage Loans Exemption Threshold
The OCC, Board of Governors of the Federal Reserve System, and Bureau of Consumer Financial Protection are finalizing amendments to adjust the exemption threshold for appraisals on higher-priced mortgage loans. Based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, the threshold amount increases from $28,500 to $31,000 for transactions consummated in 2023. This adjustment is effective January 1, 2023, and applies to loans exempt from special appraisal requirements under Section 129H of the Truth in Lending Act.
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