# Appraisals for Higher-Priced Mortgage Loans
> **US Federal Reserve System** · Final rule; official staff commentary. · Published 2013-02-13 · Effective 2014-01-18 · 78 FR 10368
## Document
- **Document number:** 2013-01809
- **Category:** final-rule
- **Agency:** US Federal Reserve System
- **Federal Register citation:** 78 FR 10368
- **CFR reference:** 12 CFR 34
- **Publication date:** 2013-02-13
- **Effective date:** 2014-01-18
- **Docket:** Docket No. OCC-2012-0013
## Abstract

The Board, Bureau, FDIC, FHFA, NCUA, and OCC (collectively, the Agencies) are issuing a final rule to amend Regulation Z, which implements the Truth in Lending Act (TILA), and the official interpretation to the regulation. The revisions to Regulation Z implement a new provision requiring appraisals for "higher-risk mortgages" that was added to TILA by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act or Act). For mortgages with an annual percentage rate that exceeds the average prime offer rate by a specified percentage, the final rule requires creditors to obtain an appraisal or appraisals meeting certain specified standards, provide applicants with a notification regarding the use of the appraisals, and give applicants a copy of the written appraisals used.

## Source
- [Federal Register document](https://www.federalregister.gov/documents/2013/02/13/2013-01809/appraisals-for-higher-priced-mortgage-loans)
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