The Pennsylvania Department of Banking and Securities issued a bulletin increasing the residential mortgage threshold under the Loan Interest and Protection Law (LIPL). Under the LIPL, a loan is not deemed a residential mortgage if the loan exceeds a principal amount threshold (that adjusts annually). For 2018, the principal amount threshold is $250,324 (increased from $244,856). Loans in excess of $250,324 are not subject to the LIPL. With respect to residential mortgages, the LIPL contains provisions pertaining to discount points, prepayment penalties, attorney’s fees, loan commitments, ARM loans, and Notices of Intention to Foreclose.
See Pennsylvania Department of Banking and Securities website for the full text of the bulletin: https://www.pabulletin.com/secure/data/vol47/47-46/1884.html
