FDIC to Consider Rule on Higher-Risk Mortgage Appraisals
The FDIC Board at its meeting today is scheduled to consider a Dodd-Frank Act-mandated final rule that will establish new appraisal requirements for “higher-risk mortgage loans.” The FDIC, along with five other federal financial regulatory agencies, issued the proposed rule last August. ---ABA Daily Newsbytes
What's being considered is a new requirement that lenders must order and pay for a second appraisal for certain "higher risk/higher cost" mortgages. Since lenders will have to foot the bill, how long will it be before they just stop offering riskier loans and close many potential borrowers out of the market?
St Casimirs Mortgage Minute. . . Help in navigating the mortgage application process. Get advice from Nelson Bayne, 410-342-1404 mortgage specialist with over 35 years of experience in the Baltimore metro area.
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