Appraisal Requirements for Higher-Priced Mortgage Loans and

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Appraisal Requirements for Higher-Priced Mortgage Loans and Resources Regarding Other CFPB Mortgage-Related Rulemakings FIL-11-2013
March 18, 2013





Summary: Summary: On January 18, 2013, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Federal Housing Finance Agency, and the Consumer Financial Protection Bureau (CFPB) issued a final rule that establishes new appraisal requirements for higher-priced mortgage loans. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, mortgage loans are higher priced if they are secured by a consumer's home and have interest rates above certain thresholds. In addition, a number of important changes to CFPB mortgage-related rules also are underway, and the FDIC is making available to the public several resources addressing these changes.

Statement of Applicability to Institutions Under $1 Billion in Total Assets: This Financial Institution Letter applies to all FDIC-supervised institutions, including community banks.


Distribution:
FDIC-Supervised Banks (Commercial and Savings)

Complete Financial Institution Letter: http://www.fdic.gov/news/news/financial ... 13011.html