Since December 2010, financial institutions have had to maintain strict requirements to ensure a safe and sound program for performing appraisals and evaluations for real-estate related transactions, as required by the Interagency Appraisal and Evaluation Guidelines. Limited exceptions for appraisals were required under the Guidelines, requiring banks to request more appraisals than ever before and maintain stringent requirements in the ordering of those appraisals. Since 2010, appraisals for real-estate related transactions have dramatically increased while […]
Tag: Appraisals
REVISED HPML APPRAISAL RULES
On December 12, 2013 the Federal Reserve Board, The Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the National Credit Union Administration, and the Office of the Comptroller of the Currency jointly published a final rule that creates exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans. The exemptions are intended to save borrowers time and money while still ensuring that the loans are financially sound. […]
PROPOSED REVISIONS TO HIGHER-PRICED MORTGAGE LOAN APPRAISAL RULES
Recently the Board of Governors of the Federal Reserve System; Bureau of Consumer Financial Protection; Federal Deposit Insurance Corporation; Federal Housing Finance Agency; National Credit Union Administration; and Office of the Comptroller of the Currency (collectively, the Agencies). proposed additional changes to the Higher-Priced Mortgage Loan appraisal rules that were published January 18, 2013. The comment period for the proposal ends on September 9, 2013. The January Rule requires creditors to obtain an appraisal or […]
BUSINESS DAY – NEW REGULATION B APPRAISAL RULES
The appraisal rules contained in Regulation B were revised on January 18, 2013. The revisions are effective on January 18, 2014. Among other requirements, the revised regulation requires that: A copy of each appraisal or other written evaluation be provided to the applicant three business days prior to consummation; Not later than the third business day after the creditor receives the application it must provide the applicant with a notice regarding the right to receive […]
PROPOSED REGULATION B APPRAISAL RULE
How refreshing to get a proposal from the CFPB that totals less than 100 pages. On August 15, 2012 the Consumer Financial Protection Bureau (CFPB) published a 58-page release that contains proposed rules to implement a Dodd-Frank Act requirement that amends appraisal rules to help inform mortgage applicants on how a creditor determines a property’s value prior to closing on the mortgage. It will also make it easier for loan applicants to determine if a loan […]