Together, six financial regulatory agencies issued a proposed rule to create additional exemptions from certain higher-priced mortgage loan appraisal requirements. The proposal is an interagency collaboration between the Consumer Financial Protection Bureau (CFPB), Federal Reserve Board, Federal Deposit Insurance Corporation, Federal Housing Finance Agency, National Credit Union Administration, and Office of the Comptroller of the Currency.
The proposal provides additional exemptions to the Truth-in-Lending Act (Regulation Z) appraisal requirements for higher-priced mortgage loans, including:
- Loans of $25,000 or less;
- Certain “streamlined” refinancing; and
- Certain loans secured by manufactured housing
The agencies are seeking feedback on the proposal and included specific questions regarding several aspects of the proposed rules questions for commentators to answer.
Read More: CFPB Press Release