Proposed changes to higher-priced mortgage loan exemption threshold

changes to higher-priced mortgage loan exemptionThe CFPB, along with the OCC and Federal Reserve, published a proposed rule and request for public comment in the Federal Register regarding the Appraisals for Higher-Priced Mortgage Loan Exemption Threshold. The agencies published proposed rules amending the official interpretations for regulations implementing section 129H of the Truth in Lending Act (TILA). Section 129H of TILA establishes special appraisal requirements for “higher-risk mortgages,” which are termed “higher-priced mortgage loans” or “HPMLs.”

Oral arguments in PHH appeal

PHH oral arguments

On April 12, 2016, the US Circuit Court of Appeals for the District of Columbia held oral arguments in PHH Corporation v. Consumer Financial Protection Bureau (CFPB). PHH, a mortgage lender, is challenging the CFPB’s constitutionality as well as the Bureau’s interpretation of the Real Estate Settlement Procedures Act (RESPA).

The case began in January 2014 when the CFPB alleged that PHH had violated the anti-kickback provisions in Section 8 of RESPA. PHH contested the CFPB’s charges and brought