Compliance News Alert: Revisions to Your Home Loan Toolkit Under Review
Oct 31, 2019
On October 30, 2019 the CFPB published in the Federal Register final rules increasing the dollar amount of the Regulation Z exemption threshold outlined in 12 CFR § 1026.3(b)(1)(i) from $57,200 to $58,300 (see 84 FR 58020 [2019]; available at: https://www.federalregister.gov/documents/2019/10/30/2019-21557/truth-in-lending-regulation-z).
Also on the same date, the CFPB (as well as other Federal agencies who have similar rules) published final (joint) rules increasing the dollar amount used to determine if a higher-priced mortgage loan is a higher-risk mortgage from $26,700 to $27,200 under 12 CFR § 1026.35(c)(2)(ii) (see 84 FR 58013 [2019]; available at: https://www.federalregister.gov/documents/2019/10/30/2019-21559/appraisals-for-higher-priced-mortgage-loans-exemption-threshold). These increases take effect on January 1, 2020.
We are currently reviewing these changes to determine any impact to our document library and/or systems and evaluating any necessary changes. Any modifications we make will be announced on our website (https://compliance.docutech.com/).
The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.