Appraisals for Higher-Priced Mortgage Loans - Supplemental Proposal

Docket ID: OCC-2013-0009
Agency: Comptroller of the Currency (OCC)
Parent Agency: Department of the Treasury (TREAS)
The FRB, CFPB, FDIC, FHFA, NCUA, and OCC issued a final rule to amend Regulation Z, which implements the Truth in Lending Act (TILA), and the official interpretation to Regulation Z. This rule relates to a final rule issued on January 18, 2013, which was effective on January 18, 2014. The final rule implements a provision added to TILA by the Dodd-Frank Wall Street Reform and Consumer Protection 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 issued amendments to the final rule implementing these requirements; specifically, the Agencies are providing exemptions from the rules for: transactions secured by existing manufactured homes and not land; certain "streamlined" refinancings; and transactions of $25,000 or less.
RIN: 1557-AD70
Impacts and Effects: None
CFR Citation: 12 CFR 34
Priority: Substantive, Nonsignificant
UA and Regulatory Plan Information open glossary dialog  
Publication Period: Spring 2014
Agenda Stage of Rulemaking: Completed Action
Major Rule: No
Legal Authorities: 12 USC 1 et seq, 12 USC 25b, 12 USC 29, 12 USC 93a, 12 USC 371, 12 USC 1463-1465, 12 USC 1701j-3, 12 USC 1828(o), 12 USC 3331 et seq, 12 USC 5101 et seq, 12 USC 5412(b)(2)(B), 12 USC 1639h
Legal Deadlines: None
Government Levels Affected: No
Federalism Implications: No
Unfunded Mandates: No
Requires Regulatory Flexibility Analysis: No
Small Entities Affected: No
International Impacts: No
Energy Effects: No
Included in Regulatory Plan: No
ActionDateFR Citation
NPRM08/08/201378 FR 48548
NPRM Comment Period End09/09/2013
Final Action12/26/201378 FR 78520
Final Action Effective01/18/2014
Docket Details open glossary dialog  
Related RINs: None
Related Dockets: None
Keyword(s): appraisals
Type: Rulemaking

Primary Documents

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Comment Period Closed
Sep 09, 2013 11:59 PM ET
Proposed Rule
Posted: 08/08/2013
ID: OCC-2013-0009-0001
Comment Period Closed
Posted: 12/26/2013
ID: OCC-2013-0009-0011

Supporting Documents

No documents available.


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Comments Received*
Regulatory Timeline
Pre Rule
Current Stage
Proposed Rule
Current Stage
Final Rule
Current Stage
Current Stage
Agency Contact
Charlotte Bahin
Senior Counsel
202 649-6281
407 7th Street SW., Washington, DC 20219
Washington, DC 20219
*This count refers to the total comment/submissions received on this docket, as of 11:59 PM yesterday. Note: Agencies review all submissions, however some agencies may choose to redact, or withhold, certain submissions (or portions thereof) such as those containing private or proprietary information, inappropriate language, or duplicate/near duplicate examples of a mass-mail campaign. This can result in discrepancies between this count and those displayed when conducting searches on the Public Submission document type. For specific information about an agency’s public submission policy, refer to its website or the Federal Register document.