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CFPB Alters Threshold For Exempting Loans From Special Appraisal Requirements

Katie Jensen
Dec 02, 2021

The 2022 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $27,200 to $28,500. 

The Consumer Financial Protection Bureau (CFPB), the Federal Reserve Board, and the Office of the Comptroller of the Currency announced yesterday that the 2022 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $27,200 to $28,500. 

The new threshold amount will go into effect on January 1, 2022, and is based around the annual percentage increase in Consumer Price Index for Urban Wage Earners and Clerical Workers, known as CPI-W, as of June 1, 2021.

Special appraisal requirements for higher priced mortgage loans were enacted by the Dodd Frank Act, ensuring that creditors obtain a written appraisal based on a physical visit to the interior of the home before making a loan. The rules contain an exemption, however, for loans of $25,000 or less, adjusted annually to reflect CPI-W increases.

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