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Home » News » CFPB, Prudential Regulators Address Appraisal Issues
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CFPB, Prudential Regulators Address Appraisal Issues

August 20, 2012
Six federal financial regulatory agencies have put out a proposal to establish new appraisal requirements for mortgage loans deemed to be higher risk. The Dodd-Frank Act generally defines a “higher-risk mortgage” as a closed-end consumer credit transaction secured by a principal dwelling with an annual percentage rate exceeding certain statutory thresholds (1.5 percent for first-lien loans, 2.5 percent for first-lien jumbo loans, and 3.5 percent for subordinate-lien loans). “Qualified mortgages” will be exempt from this...
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