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Appraisals for Higher-Priced Mortgage Loans

We are issuing a final rule to amend Regulation Z jointly with the Federal Reserve Board, FDIC, FHFA, NCUA, and OCC. This rule implements the Truth in Lending Act (TILA), and the official interpretation to the regulation. The revisions to Regulation Z implement a new provision requiring appraisals for “higher-risk mortgages” that was added to TILA by the Dodd-Frank Act. For 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.

Final rule

Read it on the Federal Register

Issued rule

View pdf

Supplemental final rule; Official staff commentary

Appraisals for higher-priced mortgage loans - Dec. 26, 2013

Proposed rule

Appraisals for higher-priced mortgage loans - Supplemental proposal  - Aug. 8, 2013

Issued proposed rule - July 10, 2013