Six regulatory agencies proposed an exemption from appraisal requirements for three types of higher-priced mortgage loans.
The Consumer Financial Protection Bureau, the Federal Deposit Insurance Corp., the Federal Housing Finance Agency, the Federal Reserve, the National Credit Union Administration and the Office of the Comptroller of the Currency implemented a final rule for the new Dodd-Frank appraisal requirements in January.
Under the Dodd-Frank Act, appraisals are required for higher-priced mortgages. However, the agencies' proposal would exempt a subset of mortgages.
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