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2013-08-08
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Appraisals for Higher-Priced Mortgage Loans-Supplemental Proposal
Part II
Proposed Rules
D09002ee1bdc9e104
D09002ee1bdc9e1f7
United States
Department of the Treasury
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org
United States Government Agency or Subagency
United States
Office of the Comptroller of the Currency
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org
United States Government Agency or Subagency
United States
Board of Governors of the Federal Reserve System
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org
United States Government Agency or Subagency
United States
Bureau of Consumer Financial Protection
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org
United States Government Agency or Subagency
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. This proposal relates to a final rule issued by the Agencies on January 18, 2013 (2013 Interagency Appraisals Final Rule or Final Rule), 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 (the Dodd-Frank Act or 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.
78 FR 48548
https://www.govinfo.gov/app/details/FR-2013-08-08/2013-17086
2013-17086
fr08au13-43
RIN 1557-AD70
RIN 7100-AD90
RIN 3170-AA11
6210-01-P; 4810-33-P; 4810-AM-P; 8070-01-P; 7590-01-P
Docket No. OCC-2013-0009
Docket No. R-1443
Docket No. CFPB-2013-0020
https://www.govinfo.gov/app/details/FR-2013-08-08/2013-17086
https://www.govinfo.gov/content/pkg/FR-2013-08-08/html/2013-17086.htm
https://www.govinfo.gov/content/pkg/FR-2013-08-08/pdf/2013-17086.pdf
Credit Unions
Advertising
Federal Reserve System
Appraisal
Appraiser
Banks
Banking
Consumer Protection
Credit
Mortgages
National Banks
Reporting and Recordkeeping Requirements
Savings Associations
Truth in Lending
42 p.
48548
48589
78 FR 48548
Code of Federal Regulations
Title 12 Part 1026
12 CFR Part 1026
Code of Federal Regulations
Title 12 Part 226
12 CFR Part 226
Code of Federal Regulations
Title 12 Part 34
12 CFR Part 34
Regulation Identification Number 1557-AD70
RIN 1557-AD70
Regulation Identification Number 7100-AD90
RIN 7100-AD90
Regulation Identification Number 3170-AA11
RIN 3170-AA11
Appraisals for Higher-Priced Mortgage Loans-Supplemental Proposal; Federal Register Vol. 78, Issue
PRORULE
2013-17086
II
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
BUREAU OF CONSUMER FINANCIAL PROTECTION
2013-09-09
Docket No. OCC-2013-0009
Docket No. R-1443
Docket No. CFPB-2013-0020
6210-01-P; 4810-33-P; 4810-AM-P; 8070-01-P; 7590-01-P
2013-17086
Proposed rule; request for public comment.
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. This proposal relates to a final rule issued by the Agencies on January 18, 2013 (2013 Interagency Appraisals Final Rule or Final Rule), 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 (the Dodd-Frank Act or 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.
Comments must be received on or before September 9, 2013, except that comments on the Paperwork Reduction Act analysis in part VIII of the Supplementary Information must be received on or before October 7, 2013.
Board: Lorna Neill or Mandie Aubrey, Counsels, Division of Consumer and Community Affairs, at (202) 452-3667, Carmen Holly, Supervisory Financial Analyst, Division of Banking Supervision and Regulation, at (202) 973-6122, or Kara Handzlik, Counsel, Legal Division, (202) 452- 3852, Board of Governors of the Federal Reserve System, Washington, DC 20551.
Credit Unions
Advertising
Federal Reserve System
Appraisal
Appraiser
Banks
Banking
Consumer Protection
Credit
Mortgages
National Banks
Reporting and Recordkeeping Requirements
Savings Associations
Truth in Lending
Appraisals for Higher-Priced Mortgage Loans; Supplemental Proposal
,
comments@FDIC.gov
OGCMail@ncua.gov
oira_submission@omb.eop.gov
RegComments@fhfa.gov
regcomments@ncua.gov
regs.comments@federalreserve.gov
regs.comments@occ.treas.gov
http://cfed.org/assets/pdfs/Appraising_Manufacture_Housing.pdf
http://cfed.org/assets/pdfs/IM_HOME_Loan_Data_Collection_Project_Report.pdf
http://factfinder2.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=AHS_2011_C01OO&prodType=table
http://factfinder2.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=AHS_2011_C13OO&prodType
http://factfinder2.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=AHS_2011_C13OO&prodType=table
http://factfinder2.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=AHS_2011_C14AOO&prodType=table
http://factfinder2.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=AHS_2011_C14BOO&prodType=table
http://files.consumerfinance.gov/f/201306_cfpb_proposed-modifications_mortgage-rules.pdf
http://freddiemac.mwnewsroom.com/press-releases/84-percent-of-refinancing-homeowners-maintain-or-r-pinksheets-fmcc-981668
http://www.areuea.org/conferences/papers/download.phtml?id=2133
http://www.census.gov/construction/mhs/mhsindex.html
http://www.census.gov/construction/mhs/pdf/sitebuiltvsmh.pdf
http://www.census.gov/housing/ahs/files/Appendix%20A.pdf
http://www.corelogic.com
http://www.FDIC.gov/regulations/laws/federal/propose.html
http://www.federalreserve.gov
http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm
http://www.federalreserve.gov/pubs/bulletin/2012/PDF/2011_HMDA.pdf
http://www.federalreserve.gov/pubs/feds/2013/201330/201330pap.pdf
http://www.ffiec.gov/Hmda/default.htm
http://www.fhfa.gov
http://www.fhfa.gov/webfiles/25164/Feb13RefiReportFinal.pdf
http://www.freddiemac.com/hve/faq.html#3
http://www.freddiemac.com/investors/er/pdf/10k_030912.pdf
http://www.gao.gov/assets/230/226291.pdf
http://www.loanprospector.com/about/#howmuch
http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/harp.aspx
http://www.nadaguides.com/Manufactured-Homes/images/forms/MHOnlineSample.pdf
http://www.ncua.gov/Legal/Regs/Pages/PropRegs.aspx
http://www.realtor.org/sites/default/files/reports/2013/embargoes/hai-metro-2-11-asdlp/metro-home-prices-q4-2012-single-family-2013-02-11.pdf
http://www.regulations.gov
http://www.ruralhome.org/storage/documents/notehmdasm.pdf
http://www.sba.gov/content/table-small-business-size-standards
http://www.sba.gov/sites/default/files/files/Size_Standards_Table.pdf
http://www.talcb.state.tx.us/pdf/USPAP/AssemblageAsAppliedToMfdHousing.pdf
http://www2.fdic.gov/call_tfr_rpts/
NADAGuide.com
NADAguides.com
regulations.gov
www.nadaguides.com/Manufactured-Homes/images/forms/MHOnlineSample.pdf
Federal Register
Vol. 78, no. 153
Office of the Federal Register, National Archives and Records Administration
2013-08-08
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Table of Contents:
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https://www.govinfo.gov/app/details/FR-2013-08-08
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https://www.govinfo.gov/app/details/FR-2013-08-08
https://www.govinfo.gov/content/pkg/FR-2013-08-08/pdf/FR-2013-08-08.pdf
https://www.govinfo.gov/content/pkg/FR-2013-08-08/xml/FR-2013-08-08.xml
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