On November 9, 2017 the Federal Register published final rules jointly issued by the CFPB and FRB (and, in one instance, the OCC) which modify certain dollar amounts in both versions of Regulation Z (12 CFR Pt. 226 and 1026; see 82 FR 51973 & 51977 ). These changes include:
- Modifying the threshold amount used for determining whether a “higher-priced mortgage loan” is a “higher-risk mortgage loan” (see http://blog.docutechcorp.com/understanding-higher-risk-mortgages) and subject to the special rules regarding appraisals that such loans are subject to under 12 CFR §§ 34.203(c), 226.43(c), and 1026.35(c). The threshold amounts will be changed from $25,500 to $26,000 (see Supra 51975 ).
- Modifying the threshold amount used for determining whether a loan is subject to Regulation Z or not under 12 CFR §§ 226.3(b)(1)(i) & 3(b)(1)(i) from $54,600 to $55,800 (see 82 FR 51977 ).
We are currently reviewing these changes to determine any impact to our document library and/or systems. Any modifications we make will be announced on our website: (http://blog.docutechcorp.com/category/document-updates).