An interagency proposed rule issued this week would set requirements for appraisals on “higher-risk mortgages” while a separate proposal by the Consumer Financial Protection Bureau would require lenders to provide loan applicants with copies of written appraisals. Both requirements were mandated by the Dodd-Frank Act. “Higher-risk mortgages” are first-lien loans with an annual percentage rate that exceeds the average prime offer rate by 1.5 percentage points or more, jumbo loans with a spread of 2.5 or more and second mortgages with a spread of 3.5 percentage points or more. Any appraisal for such loans would require...