WASHINGTON, Dec. 16 -- Office of the Comptroller of the Currency has issued a rule called: Appraisals for Higher-Priced Mortgage Loans Exemption Threshold.
The rule was published in the Federal Register on Dec. 16 by Jonathan V. Gould, Comptroller of the Currency.
Summary: The OCC, the Board, and the Bureau are finalizing amendments to the official interpretations for their regulations that implement section 129H of the Truth in Lending Act (TILA). Section 129H of TILA establishes special appraisal requirements for "higher-risk mortgages, " termed "higher-priced mortgage loans" or "HPMLs" in the agencies' regulations. A December 2013 rulemaking exempted transactions of $25, 000 or less and required that this loan amount be adjusted annual...