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Higher-priced mortgages, Regs Z, M exemption thresholds rise in January
The CFPB and the Federal Reserve Board announced last week the increased exemption thresholds for appraisals for higher-priced mortgage loans and Regulations Z and M in 2018.
The revised thresholds reflect the annual percentage increase in the consumer price index (CPI) as of this June 1. The thresholds are adjusted annually by the annual percentage increase in the CPI for Urban Wage Earners and Clerical Workers.
After maintaining the exemption threshold affecting appraisal requirements for higher-priced mortgage loans at $25,500 since 2015, the exemption threshold will increase to $26,000 in 2018.
The threshold for transactions exempt from Regulation Z and M, which implement the Truth in Lending Act and Consumer Leasing Act, will rise from $54,600 to $55,800. The threshold applies to most consumer credit transactions and consumer leases. Private education loans and loans secured by real property, such as mortgages, are subject to Reg Z, however, regardless of the amount of the loan.
Notices of the exemption threshold increases have been published in the Federal Register and all go into effect Jan. 1.
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