The CFPB’s Fair Lending Director, together with senior officials from other federal agencies, have sent a letter to The Appraisal Foundation (TAF) commenting on proposed changes to the Uniform Standards of Professional Appraisal Practice (USPAP). (TAF is a private, non-governmental …
appraisal
Senate Banking Committee schedules Dec. 5 markup of regulatory reform bill
Last week, members of the Senate Banking Committee announced that they had reached bipartisan agreement on “legislative proposals to improve our nation’s financial regulatory framework and promote economic growth.” Following the announcement, Committee members released a draft of a bill…
CFPB/Fed/OCC increase exemption thresholds for appraisal requirement, Regs Z and M
By Barbara S. Mishkin on
The CFPB, Fed, and OCC have published notices in the Federal Register announcing that they are increasing three exemption thresholds that are subject to annual inflation adjustments. Effective January 1, 2018 through December 31, 2018, these exemption thresholds are increased …
Financial institution agencies provide guidance to help alleviate appraiser shortage
By Richard J. Andreano, Jr. on
The federal banking agencies together with the National Credit Union Administration (the “Agencies”) issued an Interagency Advisory on the Availability of Appraisers that is intended to help address the real estate appraiser shortages being experienced by lending institutions.
Pursuant to …
Federal agencies issue final rule on standards for appraisal management companies
The CFPB along with five other federal agencies have issued a final rule that establishes minimum state registration and substantive requirements for appraisal management companies (AMCs), as required by Section 1473 of the Dodd-Frank Act. AMCs that are a subsidiary …
CFPB increases appraisal requirement exemption threshold
By Richard J. Andreano, Jr. on
Posted in Mortgages, Regulatory and Enforcement
The CFPB, Fed, and OCC have adjusted the threshold for smaller loans that are exempt from the appraisal requirement for “higher priced mortgage loans.” The appraisal requirement became effective January 18, 2014, and the exemption, which is subject to …
Federal financial regulatory agencies finalize appraisal requirement exemptions
By Richard J. Andreano, Jr. on
Posted in Mortgages, Regulatory and Enforcement
ABA and MBA ask CFPB to reconsider coverage of business credit in ECOA appraisal rule
By Barbara S. Mishkin on
Posted in Mortgages, Regulatory and Enforcement
The American Bankers Association and the Mortgage Bankers Association have sent a letter to the CFPB asking it to reconsider the applicability of the final Equal Credit Opportunity Act (ECOA) appraisal rule to business credit. The rule applies to loan …
CFPB final ECOA appraisal rule issued
By Richard J. Andreano, Jr. on
Posted in Mortgages, Regulatory and Enforcement
Among the flurry of mortgage-related final rules issued by the CFPB this month was a final rule to implement a Dodd-Frank amendment to the Equal Credit Opportunity Act that requires creditors to provide to a first lien mortgage applicant a …