WASHINGTON D.C. โ The Consumer Financial Protection Bureau, the Federal Reserve Board and the Office of the Comptroller of the Currency announced today that the 2024 threshold for determining whether higher-priced mortgage loans are subject to special appraisal requirements will increase from $31,000 to $32,400.
The threshold amount will take effect on January 1, 2024 and is based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Office Workers, known as CPI-W, as of June 1, 2023.
The Dodd-Frank Act added special appraisal requirements for higher-priced mortgage loans, including requiring lenders to obtain a written appraisal based on a physical visit to the interior of the home before making a higher-priced mortgage loan. The rules implementing these requirements contain an exemption for loans of $25,000 or less, adjusted annually to reflect increases in the CPI-W.
Read the Appraisals for higher-priced mortgage loans Exemption threshold.
Media Contacts:
CFPB: Michael Robinson (202) 597-4022
Federal Reserve Board: Emma Jones (202) 452-2955
OCC: Stephanie Collins (202) 649-6870
The Consumer Financial Protection Bureau (CFPB) is a 21st century agency that helps consumer finance markets work by making rules more effective, enforcing those rules consistently and fairly, and empowering consumers to to take more control over their economic lives. For more information visit www.consumerfinance.gov.
