Regulatory Alerts2024-10-15 | 2024-23277Appraisals for Higher-Priced Mortgage Loans Exemption Threshold
The OCC, Board of Governors of the Federal Reserve System, and CFPB are finalizing amendments to update the inflation-adjusted 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 $32,400 to $33,500 for transactions consummated in 2025. This adjustment, effective January 1, 2025, allows loans at or below the new limit to remain exempt from specific appraisal requirements under the Truth in Lending Act.
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