Skip to main content

CFPB Alters Threshold For Exempting Loans From Special Appraisal Requirements

Staff Writer
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.

About the author
Staff Writer
Katie Jensen is a staff writer at NMP.
Published
Dec 02, 2021
Bringing Buyer Agents Back To The Table

Dispelling misinformation about the broker commission lawsuits

CFPB Scores Major Victory In Townstone Financial Redlining Case

Seventh Circuit rules CFPB has broad authority to discourage discrimination to combat redlining

Jul 15, 2024
The New Frontier

In a modern lending landscape, be on high alert to safeguard against appraisal bias

CHLA Urges CFPB To End Trigger Lead "Junk Calls"

CHLA sends another letter urging the CFPB to focus on trigger lead solicitations.

CFPB Orders Freedom Mortgage To Pay $3.95M Over Housing Data Errors

CFPB proposed an order requiring Freedom Mortgage to pay a $3.95 million penalty