Changes Proposed to Calculation of HPML Appraisal Requirement Threshold

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Posted To: MND NewsWire

The Consumer Financial Protection Bureau, Office of Comptroller of the Currency (OCC), and the Federal Reserve are proposing technical changes to the method in which the financial threshold for “higher-priced mortgages” are adjusted annually. The change, published in the Federal Register on Thursday, affects section 129H of the Truth in Lending Act (TILA) which establishes special appraisal requirements for “higher-risk mortgages,” termed “higher-priced mortgage loans” or “HPMLs” in the agencies’ regulations. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) amended TILA to add special appraisal requirements for “higher-risk mortgages” Subsequent revisions exempted transactions below a threshold (set at $25,000 in 2013) from the new HPML appraisal rules. The threshold…(read more)

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