CFPB Announces 2022 HPML Appraisal Threshold Adjustments
On November 30, 2021, the Consumer Financial Protection Bureau, together with the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System, posted a notice to the Federal Register and its website regarding the annual adjustment to appraisal requirements for higher-priced mortgage loans (“HPMLs”). The new threshold exemption applies to loans in an amount not exceeding $28,500.
HPMLs are subject to additional appraisal requirements under Section 35 of Regulation Z, including the requirement to obtain two independent appraisals in some circumstances. 12 C.F.R. 1026.35(c). However, these rules do not apply to loans in the amount of $25,000 or less, with the $25,000 amount to be adjusted annually based on changes to the Consumer Price Index for Urban Wage Earners and Clerical Workers (“CPI-W”) as of June 1, each year. If there is no annual percentage increase in the CPI-W, the threshold amount from the prior year will carry over, as was the case in 2021 when the threshold remained at the 2020 adjusted amount of $27,200.
The Bureau of Labor Statistics reported the CPI-W on June 1, 2021, with a 4.7% increase from the CPI-W for the prior year. Based on this increase, a new threshold amount of $28,500 will be in effect from January 1, 2022 through December 31, 2022.
If you have any questions regarding this article, please contact DocMagic’s Compliance Department.
Related Content:
- CFPB annual threshold adjustments for Regulation Z (11/3/2021)
- U.S. Treasury and FHFA suspend provisions of the PSPAs (10/20/2021)
- CFPB publishes analysis of consumer complaints (10/13/2021)
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