JOINT AGENCY ACTIONS: Interagency Supplemental Proposal Appraisals for Higher-Priced Mortgage Loans 

On July 10, the CFPB, the Federal Reserve Board, Federal Deposit Insurance Corp., Federal Housing Finance Agency, NCUA and the Office of the Comptroller of Currency jointly issued a proposed rule that would create additional exemptions to the TILA (Regulation Z).

The supplemental proposal would provide exemptions to the TILA appraisal requirements for three additional types of HPMLs:

Currently, the final rule prohibits a creditor from making a HPML unless, prior to consummation, the consumer obtains a written appraisal performed by a “certified or licensed appraiser” who conducts a physical visit of the interior of the property.  The supplemental proposal can be found here.


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