Appraisal Rules for Higher-Price Mortgages Released by Regulators

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Posted To: MND NewsWire

Eighteen months after the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed, the rules shaping its implementation have begun to rain down from the designated regulators. For the third time this a week a new rule affecting the mortgage industry has been released, this time one promulgated by six federal agencies to govern certain appraisals. The new rule applies only to appraisals for "higher-priced mortgage loans." Under the Dodd-Frank Act a higher-priced loan is one secured by an owner-occupied residence and with an interest rate above the following thresholds: "If the APR exceeds the APOR by 1.5 percent for first-lien conventional or conforming loans, 2.5 percent for first-lien jumbo loans, and 3.5 percent for subordinate-lien loans." There are several additional exceptions...(read more)

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Source: http://www.mortgagenewsdaily.com/01182013_appraisal_reform.asp

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