Federal Agencies Propose Rule for Higher-Risk Mortgages
Six federal regulatory bodies have proposed a rule for 'higher-risk' mortgages that would require a creditor to use a licensed or certified appraiser who writes a report based on inspection of the property's interior. The rule also would require a creditor to disclose information to loan applicants about the purpose of the appraisal and provide them with free copies of any appraisal report. Meanwhile, the Consumer Financial Protection Bureau has proposed a rule that would require lenders to give all mortgage applicants copies of appraisals and other home-value estimates generated in connection with their applications.
From "Federal Agencies Propose Rule for Higher-Risk Mortgages"
Philadelphia Inquirer (08/16/12) Heavens, Alan J.
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