# Appraisals for Higher-Priced Mortgage Loans
> **US Federal Reserve System** · Supplemental final rule; official staff commentary. · Published 2013-12-26 · Effective 2014-01-18 · 78 FR 78520
## Document
- **Document number:** 2013-30108
- **Category:** final-rule
- **Agency:** US Federal Reserve System
- **Federal Register citation:** 78 FR 78520
- **CFR reference:** 12 CFR 34
- **Publication date:** 2013-12-26
- **Effective date:** 2014-01-18
- **Docket:** Docket No. OCC-2013-0009
## Abstract

The Board, Bureau, FDIC, FHFA, NCUA, and OCC (collectively, the Agencies) are amending Regulation Z, which implements the Truth in Lending Act (TILA), and the official interpretation to the regulation. This final rule supplements a final rule issued by the Agencies on January 18, 2013, which goes into effect on January 18, 2014. The January 2013 Final Rule implements a provision added to TILA by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd- Frank Act or Act) requiring appraisals for "higher-risk mortgages." For certain mortgages with an annual percentage rate that exceeds the average prime offer rate by a specified percentage, the January 2013 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. On July 10, 2013, the Agencies proposed amendments to the January 2013 Final Rule implementing these requirements. Specifically, the Agencies proposed exemptions from the rules for transactions secured by existing manufactured homes and not land; certain streamlined refinancings; and transactions of $25,000 or less.

## Source
- [Federal Register document](https://www.federalregister.gov/documents/2013/12/26/2013-30108/appraisals-for-higher-priced-mortgage-loans)
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