WASHINGTON—The 2023 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $28,500 to $31,000, the Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced.
The threshold amount will be effective Jan. 1, 2023, and is based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers, known as CPI-W, as of June 1, 2022.
The regulators noted the Dodd–Frank Wall Street Reform and Consumer Protection Act added special appraisal requirements for higher-priced mortgage loans, including that creditors obtain a written appraisal based on a physical visit to the interior of the home before making a higher-priced mortgage loan.
Additional Exemption
The rules implementing the requirements contain an exemption for loans of $25,000 or less, adjusted annually to reflect CPI-W increases.
For additional info: Appraisals for Higher-Priced Mortgage Loans Exemption Threshold.
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