Exemption Level for Appraisals Will Remain at 2016 Level

Posted To: MND NewsWire

While it will remain unchanged in 2017, the Consumer Financial Protection Bureau (CFPB), Federal Reserve Board, and Office of the Comptroller of the Currency (OCC) have issued a final rule regarding future adjustments to the threshold for appraisal exceptions for higher-priced mortgage loans. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 amended the Truth in Lending Act, adding a requirement that lenders get a written appraisal based on an interior inspection of a home's interior. Loans for $25,000 or less were exempted from this requirement with a provision that the exemption level be revisited annually and revised to reflect increases in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The calculation method adopted in the final rule will...(read more)

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