The Office of the Comptroller of the Currency, Federal Reserve Board, and the Bureau of Consumer Financial Protection published a final rule in the Federal Register amending the exemption threshold used to determine whether a higher-priced mortgage loan is subject to the appraisal requirements applicable to “higher-risk mortgages,” which requirements are set forth under 15 USCA § 1639h and implemented by regulations promulgated by each of these agencies. The threshold amount has been increased from $26,000 to $26,700, effective January 1, 2019 (see 83 FR 59272 [2018]).
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/).