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OCC announces Reg Z mortgage threshold changes

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The Office of the Comptroller of the Currency announced that it has amended certain requirements for home loans that are generally implemented through Regulation Z of the Truth in Lending Act.

The OCC said the Home Ownership and Equity Protection Act of 1994 set up certain requirements for home-secured loans when the total points and fees payable by a consumer at or before closing exceed either the greater of $400 or 8% of the total loan amount.

However, the OCC says effective Jan. 1, 2013, the points and fee trigger is the greater of $625 or 8% of the total loan amount. The change was officially published in the Federal Register.

Furthermore, the OCC announced the official publishing of the Consumer Financial Protection Bureau’s Regulation C, which raised the asset-size exemption threshold for depository institutions.

The OCC said, "Institutions with assets of $42 million or less as of Dec. 31, 2012, will not be required to collect Home Mortgage Disclosure Act data in 2013. The previous exemption threshold was $41 million."

Click here to access all of the OCC's bulletins.

 

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