The CFPB, Fed, FDIC, FHFA, NCUA, and OCC have finalized a supplemental rule creating several exemptions to the appraisal requirements for higher-priced mortgage loans (HPML).  Those requirements are contained in the final rule adopted jointly by the agencies in January 2013 to implement Dodd-Frank provisions mandating appraisals for HPMLs.

The final rule creates the following two exemptions that take effect on January 18, 2014 (which is the same date that the rule adopted in January 2013 becomes effective): 

• An exemption for certain refinances with characteristics common to “streamlined” refinances.