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Banking Agencies Issue Proposed Rule on Appraisals for Higher-Priced Mortgage Loans

The CFPB, Federal Reserve Board, FDIC, FHFA, NCUA, and OCC (collectively, “the Agencies”) published in the Federal Register on August 8, 2013 proposed amendments to the final rule in Regulation Z that requires appraisals for “higher-risk mortgages.”  Specifically, the Agencies propose several exemptions to the appraisal requirements for higher-priced mortgage loans for: (i) transactions secured solely by an existing or used manufactured home (in addition to the exemption for transactions secured by new manufactured homes) and not land; (ii) certain “streamlined” refinancings; and (ii) extensions of credit in the amount of $25,000 or less, indexed annually for inflation.  Comments for this proposal must be received on or before September 9, 2013.

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