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nr-ia-2013-111a

nr-ia-2013-111a

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Published by: Foreclosure Fraud on Jul 12, 2013
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08/12/2014

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DEPARTMENT OF THE TREASURYOffice of the Comptroller of the Currency12 CFR Part 34Docket No. OCC-2013-0009RIN 1557-AD70BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM12 CFR Part 226Docket No. R-1443RIN 7100-AD90BUREAU OF CONSUMER FINANCIAL PROTECTION12 CFR Part 1026Docket No. CFPB-2013-0020RIN 3170-AA11Appraisals for Higher-Priced Mortgage Loans – Supplemental ProposalAGENCIES:
Board of Governors of the Federal Reserve System (Board); Bureau of Consumer Financial Protection (Bureau); Federal Deposit Insurance Corporation (FDIC);Federal Housing Finance Agency (FHFA); National Credit Union Administration(NCUA); and Office of the Comptroller of the Currency, Treasury (OCC).
 ACTION:
Proposed rule; request for public comment.
SUMMARY:
The Board, Bureau, FDIC, FHFA, NCUA, and OCC (collectively, theAgencies) are proposing to amend Regulation Z, which implements the Truth in Lending
 
 
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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.
See
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.
DATES
: 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]
.
ADDRESSES:
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
 
 
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identify the number of the specific question for comment to which they are responding.Interested parties are invited to submit written comments to:
 Board 
: You may submit comments, identified by Docket No. R-1443
 
or RIN7100 – AD90, by any of the following methods:
 
 Agency Web Site:
 
 Federal eRulemaking Portal:
http://www.regulations.gov.Follow theinstructions for submitting comments.
 
 E-mail:
regs.comments@federalreserve.gov.Include the docket number in thesubject line of the message.
 
 Fax:
(202) 452-3819 or (202) 452-3102.
 
 Mail:
Address to Robert deV. Frierson, Secretary, Board of Governors of theFederal Reserve System, 20
th
Street and Constitution Avenue, NW, Washington,DC 20551.All public comments will be made available on the Board’s web site athttp://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as submitted, unlessmodified for technical reasons. Accordingly, comments will not be edited to remove anyidentifying or contact information. Public comments may also be viewed electronicallyor in paper in Room MP-500 of the Board’s Martin Building (20
th
and C Streets, NW,Washington, DC 20551) between 9:00 a.m. and 5:00 p.m. on weekdays.
 Bureau:
You may submit comments, identified by Docket No. CFPB-2013-0020
 
or RIN 3170-AA11, by any of the following methods:

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