Tag Archives: Regulators Propose Appraisal Rules for High-Risk Loans

Six federal regulatory agencies have proposed new appraisal standards for high-risk mortgages that aim to give borrowers more information about their loans. The Federal Reserve, along with five other federal agencies, have recommended adopting rules that would require lenders to use certified or licensed appraisers who prepare written reports that must be based on a physical inspection of the home. The proposal, if approved, also would require creditors to disclose to the borrower the purpose of the appraisal and supply them with free copies of the appraisal reports afterwards. If […]