For certain higher-priced mortgage loans, the final rule requires creditors
to use a licensed or certified appraiser who prepares a written appraisal
report based on a physical visit of the interior of the property, provide
consumers with a free copy of the appraisal report, disclose to applicants
information about the purpose of the appraisal, and obtain an additional
appraisal at no cost to the consumer under certain circumstances.
The final rule provides exemptions from the additional appraisal requirement
for loans in rural areas and certain other types of loans.
The final rule takes effect on January 18, 2014.
In response to banker requests for assistance in monitoring developments in
mortgage-related rulemakings, attached is a listing of CFPB mortgage-related
rules, applicable to FDIC-supervised institutions, that are underway or have
been recently issued and other FDIC resources bankers may wish to monitor.
FDIC-Supervised Banks (Commercial and Savings)
Chief Executive Officer
Chief Loan Officer
Chief Information Systems Officer
Residential Mortgage Loans
Final Rule on Appraisals for
Higher-Priced Mortgages (PDF Help)
Resource List for Tracking Changes in Mortgage-Related Rulemakings
Beverlea S. Gardner, Senior Examination Specialist, at Bgardner@fdic.gov or (202) 898-3640
Matthew Homer, Policy Analyst, at email@example.com or (202) 898-6941
Institution Letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2013/index.html.
To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies may be obtained through the FDIC's Public Information Center, 3501
Fairfax Drive, E-1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).
Resource List for Tracking Changes in
March 18, 2013
FDIC Regulatory Calendar: The FDIC Regulatory Calendar helps
community banks remain current on changes in federal banking laws, regulations,
and supervisory guidance, including the CFPB's changes to the mortgage-related
rulemakings. It can be accessed at http://www.fdic.gov/regulations/resources/cbi/calendar.html.
FDIC Banker Teleconference Series: The FDIC periodically holds
banker teleconferences about important rulemakings, guidance, and emerging
issues. For example, in 2012, teleconferences addressed such topics as the
proposed CFPB mortgage-related rules, fair lending, and third-party compliance
risk management. The FDIC will continue to hold timely teleconferences to keep
institutions informed about important banking regulatory and emerging issues.
Information about future teleconferences will be communicated through Financial
Institution Letters. To receive these communications electronically, you may
subscribe at http://www.fdic.gov/about/subscriptions/fil.html.
Additionally, materials presented during the teleconferences will be posted to
the FDIC's Web site at http://www.fdic.gov/news/conferences/other_events/2012-sept-oct-bankercall.html.
CFPB Website: The CFPB's Web site is a resource for tracking
changes to mortgage-related rulemakings. It can be accessed at http://www.consumerfinance.gov/regulations/.
The Web site shows that a number of other mortgage-related rulemakings
applicable to FDIC-supervised institutions are underway or have been recently
issued. As of this writing, these include the following final mortgage rules
issued by the CFPB:
- Ability-to-Repay and Qualified Mortgage Standards Under the Truth in
Lending Act (Regulation Z), effective January 10, 2014. http://www.consumerfinance.gov/regulations/ability-to-repay-and-qualified-mortgage-standards-under-the-truth-in-lending-act-regulation-z/
- Escrow Requirements under the Truth in Lending Act (Regulation Z),
effective June 1, 2013. http://www.consumerfinance.gov/regulations/escrow-requirements-under-the-truth-in-lending-act-regulation-z/
- High-Cost Mortgage and Homeownership Counseling Amendments to the Truth
in Lending Act (Regulation Z) and Homeownership Counseling Amendments to
the Real Estate Settlement Procedures Act (Regulation X), effective
January 10, 2014. http://www.consumerfinance.gov/regulations/high-cost-mortgage-and-homeownership-counseling-amendments-to-regulation-z-and-homeownership-counseling-amendments-to-regulation-x/
- Real Estate Settlement Procedures Act (Regulation X) and Truth in
Lending Act (Regulation Z) Mortgage Servicing Final Rules, effective
January 10, 2014. http://www.consumerfinance.gov/regulations/2013-real-estate-settlement-procedures-act-regulation-x-and-truth-in-lending-act-regulation-z-mortgage-servicing-final-rules/
- Loan Originator Compensation (Regulation Z), effective June 1, 2013, for
provisions concerning mandatory arbitration and single-premium credit
insurance and January 10, 2014, for all other provisions. http://www.consumerfinance.gov/regulations/loan-originator-compensation-requirements-under-the-truth-in-lending-act-regulation-z/
- Disclosure and Delivery Requirements for Copies of Appraisals and Other
Written Valuations Under the Equal Credit Opportunity Act (Regulation
B), effective January 18, 2014. http://www.consumerfinance.gov/regulations/disclosure-and-delivery-requirements-for-copies-of-appraisals-and-other-written-valuations-under-the-equal-credit-opportunity-act-regulation-b/