In the September 21, 2023, issue of the Federal Register (88 FR 65113, click here), the Consumer Financial Protection Bureau established the following 2024 thresholds for high-cost and qualified mortgages under §§1026.32 and 1026.43, respectively.
HOEPA (High-cost Mortgages) 2024 Threshold Adjustments
Effective January 1, 2024, a consumer loan secured by the consumer’s principal dwelling and not otherwise exempt is a high-cost mortgage based on the total points and fees payable by the consumer under §1026.32(a)(1)(ii) if the points and fees exceed: (A) 5 percent of the total loan amount for a loan with a loan amount of $26,092 or more, or (B) the lesser of 8 percent of the total loan amount or $1,305 for a loan with a loan amount of less than $26,092. Comment 32(a)(1)(ii)–1.x is added to reflect the new $1,305 threshold amount for 2024. Comment 32(a)(1)(ii)–3.x is added to reflect the new $26,092 threshold loan amount for 2024