Annual Threshold Adjustments Announced by CFPB
There are provisions in federal regulations on the applicable dollar-amount thresholds for certain regulated activities – dealing with home loans and leases. Theses dollar-amounts are automatically adjusted each year, through the rule making process, for CPI/inflation.
Clearly with inflation being a much bigger factor than it has in years’ past, TMHA members in these respective home lending and leases with options to purchase space should review the coming increases.
The increases are set to go into effect in January of 2023.
HPML threshold adjustment – Exemption threshold for appraisal required disclosure for high-priced mortgages. High-priced loans below the threshold are exempt from the appraisal requirements. The threshold will increase from $28,500 to $31,000, effective Jan. 1, 2023.
Regulation M threshold adjustments - Exemption threshold for those leases under the threshold are exempt from the requirements under Reg M. The exemption threshold will increase from $61,000 to $66,400, effective Jan. 1, 2023.