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Financial Services Law Insights and Observations

Agencies finalize 2022 HPML exemption threshold

Agency Rule-Making & Guidance CFPB OCC Federal Reserve HPML Appraisal Mortgages Bank Regulatory TILA

Agency Rule-Making & Guidance

On November 30, the CFPB, OCC, and Federal Reserve Board published finalized amendments to the official interpretations for regulations implementing Section 129H of TILA, which establishes special appraisal requirements for “higher-priced mortgage loans” (HPMLs). The final rule increases the TILA smaller loan exemption threshold for the special appraisal requirements for HPMLs. Each year the threshold must be readjusted based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers. The exemption threshold for 2022 will increase from $27,200 to $28,500 effective January 1.