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Up Close - Up Close - February 28, 2013
Loan appraisal requirements set to change
Regulators are wanting closer look at homes with higher-priced mortgages


Six federal financial regulatory agencies last month issued a final rule that establishes new appraisal requirements for what are being termed as higher-priced mortgage loans.

The rule implements amendments to the Truth in Lending Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Under the Dodd-Frank Act, mortgage loans are higher priced if they are secured by a consumer's home and have interest rates above certain thresholds.

For high...


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