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TREAS/OCC | RIN: 1557-AD70 | Publication ID: Fall 2013 |
Title: ●Appraisals for Higher-Priced Mortgage Loans--Supplemental Proposal | |
Abstract: The FRB, CFPB, FDIC, FHFA, NCUA, and OCC proposed to amend Regulation Z, which implements the Truth in Lending Act (TILA), and the official interpretation to the regulation. This proposal relates to a final rule issued on January 18, 2013, which goes into effect on January 18, 2014. The final rule implements a provision added to TILA by the Dodd-Frank Wall Street Reform and Consumer Protection Act requiring appraisals for "higher-risk mortgages." For certain mortgages with an annual percentage rate that exceeds the average prime offer rate by a specified percentage, the Final Rule requires 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. The Agencies are proposing amendments to the Final Rule implementing these requirements; specifically, the Agencies are proposing exemptions from the rules for: transactions secured by existing manufactured homes and not land; certain "streamlined" refinancings; and transactions of $25,000 or less. | |
Agency: Department of the Treasury(TREAS) | Priority: Other Significant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: Undetermined | Unfunded Mandates: No |
CFR Citation: 12 CFR 34 | |
Legal Authority: 12 USC 1 et seq 12 USC 25b 12 USC 29 12 USC 93a 12 USC 371 12 USC 1463-1465 12 USC 1701j-3 12 USC 1828(o) 12 USC 3331 et seq 12 USC 5101 et seq 12 USC 5412(b)(2)(B) 12 USC 1639h |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Charlotte Bahin Senior Counsel Department of the Treasury Comptroller of the Currency 407 7th Street SW., Washington, DC 20219 Phone:202 649-6281 |