Home Builder News

Compliance: Updated HPML appraisal exemption threshold for 2018

On November 30, 2016, the OCC, the Board, and the Bureau published a final rule in the Federal Register to memorialize the calculation method used by the agencies each year to adjust the exemption threshold to ensure that the values for the exemption threshold keep pace with the CPI-W as contemplated in the December 2013 Supplemental Final Rule.

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Regulation Z identifies additional compliance requirements associated with loan transactions that are considered higher-priced. A recent CUNA CompBlog entry breaks down these requirements and identifies the updated higher-priced mortgage loan appraisal exemption threshold for 2018.

The 2018 “small loan” exemption for HPML appraisal rules is $26,000. If the creditor allows borrowers to shop for any required services for TRID loans, it should update (as necessary) the written list provided with the Loan Estimate to identify at least one available provider for each settlement service for which the consumer is permitted.

Effective January 1, 2019 through December 31, 2019, these exemption thresholds are increased as follows: Smaller loans exempt from the appraisal requirement for “higher-priced mortgage loans,”.

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The 2018 "small loan" exemption for HPML appraisal rules is $26,000. If the creditor allows borrowers to shop for any required services for TRID loans, it should update (as necessary) the written list provided with the Loan Estimate to identify at least one available provider for each settlement service for which the consumer is permitted.

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On November 30, 2016, the OCC, the Board, and the Bureau published a final rule in the Federal Register to memorialize the calculation method used by the agencies each year to adjust the exemption threshold to ensure that the values for the exemption threshold keep pace with the CPI-W as contemplated in the December 2013 Supplemental Final Rule.

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Amendments to the official interpretations of Truth in Lending Act (TILA) regarding appraisal requirements for “higher-priced mortgage loans (HPMLs).". 2018, the exemption threshold will increase from $26,000 to $26,700 effective Jan. 1, 2019. Nov. 9, 2017. Email updates Sign up for updates about our rulemaking.

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