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November 30, 2015

$25,500 threshold for appraisal exemption continues

CFPB and banking regulators are keeping the appraisal exemption level for higher-priced mortgage loans at $25,500 for 2016.

This exemption level is set under the Truth in Lending Act (TILA) and is reviewed yearly. The regulators determined the threshold based on a review of the Consumer Price Index for Urban Wage Earners and Clerical Workers, the same index used to review certain rule exemptions for consumer credit and lease transactions.

The exemption provides that certain loans will not be subject to special appraisal requirements under TILA.

All credit unions are subject to CFPB's consumer financial services protection rules.

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