Act (TILA), and the official interpretation to the regulation. This proposal relates to afinal rule issued by the Agencies on January 18, 2013 (2013 Interagency Appraisals FinalRule or Final Rule), which goes into effect on January 18, 2014.
78 FR 10368 (Feb.13, 2013). 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) requiringappraisals for “higher-risk mortgages.” For certain mortgages with an annual percentagerate that exceeds the average prime offer rate by a specified percentage, the Final Rulerequires creditors to obtain an appraisal or appraisals meeting certain specified standards, provide applicants with a notification regarding the use of the appraisals, and giveapplicants a copy of the written appraisals used. The Agencies are proposingamendments to the Final Rule implementing these requirements; specifically, theAgencies are proposing exemptions from the rules for: (1) transactions secured byexisting manufactured homes and not land; (2) certain “streamlined” refinancings; and(3) transactions of $25,000 or less.
: Comments must be received on or before September 9, 2013, except thatcomments on the Paperwork Reduction Act analysis in part VIII of the SupplementaryInformation must be received on or before
[INSERT DATE 60 DAYS AFTER THEDATE OF PUBLICATION IN THE FEDERAL REGISTER]
Interested parties are encouraged to submit written comments jointly toall of the Agencies. Commenters are encouraged to use the title “Appraisals for Higher-Priced Mortgage Loans – Supplemental Proposal” to facilitate the organization anddistribution of comments among the Agencies. Commenters also are encouraged to