The Consumer Financial Protection Bureau has announced the 2024 dollar amounts for the annual threshold adjustments for Regulation Z, which implements the Truth in Lending Act. For open-end consumer credit plans under TILA, the threshold that triggers requirements to disclose minimum interest charges will remain unchanged at $1 in 2024. For Home Ownership and Equity Protection Act loans, the adjusted total loan amount threshold for high-cost mortgages will be $26,092. The adjusted points-and-fees dollar trigger for high-cost mortgages will be $1,305.
For qualified mortgages under the general qualified mortgage loan definition, the thresholds for the spread between the annual percentage rate and the average prime offer rate in 2024 will be: 2.25 or more percentage points for a first-lien covered transaction with a loan amount greater than or equal to $130,461; 3.5 or more percentage points for a first-lien covered transaction with a loan amount greater than or equal to $78,277 but less than $130,461; 6.5 or more percentage points for a first-lien covered transaction with a loan amount less than $78,277; 6.5 or more percentage points for a first-lien covered transaction secured by a manufactured home with a loan amount less than $130,461; 3.5 or more percentage points for a subordinate-lien covered transaction with a loan amount greater than or equal to $78,277; or 6.5 or more percentage points for a subordinate-lien covered transaction with a loan amount less than $78,277.
For all categories of QMs, the thresholds for total points and fees in 2024 will be 3% of the total loan amount for a loan greater than or equal to $130,461; $3,914 for a loan amount greater than or equal to $78,277 but less than $130,461; 5% of the total loan amount for a loan greater than or equal to $26,092 but less than $78,277; $1,305 for a loan amount greater than or equal to $16,308 but less than $26,092; and 8% of the total loan amount for a loan amount less than $16,308.