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OCCRulemakingOCC-2012-0013

Appraisals for Higher-Risk Mortgage Loans

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Dec 13, 2013
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closed 5013d ago
American Bankers Association filings
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Activity

American Bankers Association filed 1 comment on this docket between Oct 16, 2012 and Oct 16, 2012. 11 other organizations filed here. The comment window closed 5013d ago.

What American Bankers Association filed (1)

Abstract

The Board, Bureau, FDIC, FHFA, NCUA, and OCC (collectively, the Agencies) are proposing to amend Regulation Z, which implements the Truth in Lending Act (TILA), and the official interpretation to the regulation. The proposed revisions to Regulation Z would implement a new TILA provision requiring appraisals for ``higher-risk mortgages'' that was added to TILA as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. For mortgages with an annual percentage rate that exceeds the average prime offer rate by a specified percentage, the proposed rule would require creditors to obtain an appraisal or appraisals meeting certain specified standards, provide applicants with a notification regarding the use of the appraisals, and give applicants a copy of the written appraisals used.

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Co-filers (11)

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