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Banking Agencies Adjust Thresholds for Small Loans

The Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency issued a final rule and interpretation announcing that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2018 will increase from $25,500 to $26,000. The new threshold, which is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers ("CPI-W"), will become effective on January 1, 2018.

Primary Sources

  1. FRB Press Release: "Agencies announce Threshold for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans" (November 20, 2017)
  2. Joint Final Rule, Interpretation and Commentary: Appraisals for Higher-Priced Mortgage Loans Exemption Threshold

Related Articles

  • Federal Agencies Issue Final Rules Adjusting Certain Credit Thresholds for Small Loans

    The Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency approved a final rule that detailed the method to be used to adjust annual inflation to the threshold for exempting small loans from special appraisal requirements. The FRB and the CFPB also issued a final rule detailing the method for adjusting the thresholds for exempting certain consumer credit and lease transactions.

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Tags

Regulated Activities
Lending
Regulated Entities
Banking Entities Banking Organizations
Regulated Products
Real Estate / Mortgages
Body of Law
Banking Law
Jurisdiction
US - Federal
Organization
US Banking Regulators
Sub-Author
CFPB, Federal Reserve Board, Comptroller