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TREAS/OCC | RIN: 1557-AE08 | Publication ID: Fall 2016 |
Title: ●Appraisals for Higher-Priced Mortgage Loans Exemption Threshold | |
Abstract:
The OCC, the FRB, and the CFPB issued a proposed rule amending the official interpretations for their regulations that implement section 129H of the Truth in Lending Act, which establishes special appraisal requirements for higher-risk mortgages.” The banking agencies, the CFPB, the NCUA and the FHFA issued joint final rules implementing these requirements, which exempted, among other loan types, transactions of $25,000 or less, and required that this loan amount be adjusted annually based on any annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPIW). If there is no annual percentage increase in the CPIW, the OCC, the FRB and the CFPB will not adjust this exemption threshold from the prior year. The proposal would memorialize this as well as the calculation method for determining the adjustment in years following a year in which there is no annual percentage increase in the CPIW. |
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Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: Undetermined | Unfunded Mandates: No |
CFR Citation: 12 CFR 34 | |
Legal Authority: 12 U.S.C. 1 et seq. 12 U.S.C. 25b 12 U.S.C. 29 12 U.S.C. 93a 12 U.S.C. 371 12 U.S.C. 1463 12 U.S.C. 1464 12 U.S.C. 1465 12 U.S.C. 1701j-3 12 U.S.C. 1828(o) 12 U.S.C. 3331 et seq. 12 U.S.C. 5101 et seq. 12 U.S.C. 5412(b)(2)(b) 15 U.S.C. 1639h |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: MaryAnn Nash Counsel Department of the Treasury Comptroller of the Currency Chief Counsel's Office, 400 7th Street SW, Washington, DC 20219 Phone:202 649-6287 Email: maryann.nash@occ.treas.gov |