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2017-12-27
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Truth in Lending Act (Regulation Z) Adjustment to Asset-Size Exemption Threshold
Rules and Regulations
D09002ee1bdba629e
D09002ee1bdba6338
United States
Bureau of Consumer Financial Protection
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United States Government Agency or Subagency
The Bureau is amending the official commentary that interprets the requirements of the Bureau's Regulation Z (Truth in Lending) to reflect a change in the asset-size threshold for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the 12-month period ending in November. The exemption threshold is adjusted to increase to $2.112 billion from $2.069 billion. The adjustment is based on the 2.1 percent increase in the average of the CPI-W for the 12-month period ending in November 2017. Therefore, creditors with assets of less than $2.112 billion (including assets of certain affiliates) as of December 31, 2017, are exempt, if other requirements of Regulation Z also are met, from establishing escrow accounts for higher-priced mortgage loans in 2018. This asset limit will also apply during a grace period, in certain circumstances, with respect to transactions with applications received before April 1 of 2019. The adjustment to the escrows asset- size exemption threshold will also increase a similar threshold for small-creditor portfolio and balloon-payment qualified mortgages. Balloon-payment qualified mortgages that satisfy all applicable criteria, including being made by creditors that have (together with certain affiliates) total assets below the threshold, are also excepted from the prohibition on balloon payments for high-cost mortgages.
82 FR 61147
https://www.govinfo.gov/app/details/FR-2017-12-27/2017-27897
2017-27897
fr27de17-8
4810-AM-P
https://www.govinfo.gov/app/details/FR-2017-12-27/2017-27897
https://www.govinfo.gov/content/pkg/FR-2017-12-27/html/2017-27897.htm
https://www.govinfo.gov/content/pkg/FR-2017-12-27/pdf/2017-27897.pdf
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Truth in Lending
5 p.
61147
61151
82 FR 61147
Code of Federal Regulations
Title 12 Part 1026
12 CFR Part 1026
Truth in Lending Act (Regulation Z) Adjustment to Asset-Size Exemption Threshold; Federal Register Vol. 82, Issue
RULE
2017-27897
BUREAU OF CONSUMER FINANCIAL PROTECTION
2018-01-01
4810-AM-P
2017-27897
Final rule; official interpretation.
The Bureau is amending the official commentary that interprets the requirements of the Bureau's Regulation Z (Truth in Lending) to reflect a change in the asset-size threshold for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the 12-month period ending in November. The exemption threshold is adjusted to increase to $2.112 billion from $2.069 billion. The adjustment is based on the 2.1 percent increase in the average of the CPI-W for the 12-month period ending in November 2017. Therefore, creditors with assets of less than $2.112 billion (including assets of certain affiliates) as of December 31, 2017, are exempt, if other requirements of Regulation Z also are met, from establishing escrow accounts for higher-priced mortgage loans in 2018. This asset limit will also apply during a grace period, in certain circumstances, with respect to transactions with applications received before April 1 of 2019. The adjustment to the escrows asset- size exemption threshold will also increase a similar threshold for small-creditor portfolio and balloon-payment qualified mortgages. Balloon-payment qualified mortgages that satisfy all applicable criteria, including being made by creditors that have (together with certain affiliates) total assets below the threshold, are also excepted from the prohibition on balloon payments for high-cost mortgages.
This final rule is effective January 1, 2018.
Monique Chenault, Paralegal Specialist, Office of Regulations, Consumer Financial Protection Bureau, 1700 G Street NW, Washington, DC 20552, at (202) 435-7700.
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Truth in Lending
Truth in Lending Act (Regulation Z) Adjustment to Asset-Size Exemption Threshold:
Official Interpretation
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Federal Register
Vol. 82, no. 247
Office of the Federal Register, National Archives and Records Administration
2017-12-27
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Table of Contents:
AE 2.7:
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https://www.govinfo.gov/app/details/FR-2017-12-27
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https://www.govinfo.gov/app/details/FR-2017-12-27
https://www.govinfo.gov/content/pkg/FR-2017-12-27/pdf/FR-2017-12-27.pdf
https://www.govinfo.gov/content/pkg/FR-2017-12-27/xml/FR-2017-12-27.xml
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