United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2017_register executive 2017-12-27 article Rules and Regulations D09002ee1c7ee12da D09002ee1c7ee1545 United States Bureau of Consumer Financial Protection originator org 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 Advertising Appraisal Appraiser Banking Banks Consumer Protection Credit Credit Unions Mortgages National Banks Reporting and Recordkeeping Requirements Savings Associations Truth in Lending 5 p. 61147 61151 82 FR 61147 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. Advertising Appraisal Appraiser Banking Banks Consumer Protection Credit Credit Unions Mortgages National Banks Reporting and Recordkeeping Requirements Savings Associations Truth in Lending Truth in Lending Act (Regulation Z) Adjustment to Asset-Size Exemption Threshold: Official Interpretation , Vol. 82, no. 247 Office of the Federal Register, National Archives and Records Administration 2017-12-27 continuing daily deposited born digital 325 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2017-12-27 P0b002ee197ded2c2 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr27de17 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 fdlp 61129 61442 DGPO 2017-12-27 2024-06-01 FR-2017-12-27 machine generated eng FR FR-2017-12-27 82 247