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Appraisal Requirements Exemption for Higher-Priced Mortgage Loans Announced
On Monday, November 20, 2017, the CFPB, Federal Reserve and OCC announced an increase to the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans. During 2018, the threshold will increase from $25,500 to $26,000 effective January 1, 2018, according to the Federal Register. The threshold change was based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers as of June 1, 2017.