In the November 27, 2015, issue of the Federal Register (80 FR 73943, click here), the Consumer Financial Protection Bureau (CFPB), Federal Reserve Board (FRB), and Office of the Comptroller of the Currency (OCC) issued a final rule that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2016 will remain $25,500. The threshold amount for exempting loans from special appraisal requirements for higher-priced mortgage loans will be effective January 1, 2016, and is the same threshold that applied in 2015. To implement this 2016 threshold amount, the CFPB, FRB and OCC are revising the official interpretations to their respective regulations to add new comments as follows: • CFPB – Comment 35(c)(2)(ii)-1.iii in Supplement I of 12 CFR part 1026; • FRB – Comment 43(b)(2)-1.iii to Supplement I of 12 CFR part 226; and • OCC – Comment 203(b)(2)-1.iii to 12 CFR part 34, Appendix C to Subpart G.
