Higher Priced Loan Exemption Threshold Raised for 2024

Home Equity Lending News, Nov. 20, 2023
Federal regulators — including the Federal Reserve Board, Consumer Financial Protection Bureau, and Office of the Comptroller of the Currency — are raising the exemption threshold for loans that are considered Higher Price Mortgage Loans, a joint notice Monday indicated. According to a draft to be published in the Federal Register, the threshold is being increased to $32,400 as of January 1, 2024. Second mortgages are considered higher priced when the annual percentage rate is 350 basis points more above the Average Prime Offer Rate.
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