The Pennsylvania Department of Banking and Securities has announced in 49 Pa.B. 6554 (Nov. 2, 2019) that they would be adjusting the “base figure” from $256,023 to $260,404 (see http://www.pacodeandbulletin.gov/Display/pabull?file=/secure/pabulletin/data/vol49/49-44/1633.html). The “base figure” is defined in 41 P.S. § 101 and is a factor in determining what types of loans certain mortgage lending rules apply to (e.g., the prepayment penalty restrictions promulgated under 41 Pa. Cons. Stat. Ann § 405 and 10 Pa. Code § 7.8). This change takes effect on January 1, 2020.
We are currently reviewing this change 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/).