In general, OCC will enter all comments received into the docket and publish them on the Web site without change, including any business or personal information that you provide such as name and address information, email addresses, or phone numbers. management company comply with the Uniform Standards of Professional 1639c; 76 FR 27390, May 11, 2011 (2011 ATR Proposal). 81. Sensitive personal information, such as account numbers or social security numbers, should not be included. offers a preview of documents scheduled to appear in the next day's This subpart cross-references the requirement that creditors extending credit in the form of higher-risk mortgage loans comply with Section 129H of the Truth-in-Lending Act (TILA), 15 U.S.C. The Appraisal Subcommittee shall 136. Consumers, however, can also benefit from an accurate appraisal. Proposed comment XX(a)(2)(i)-1 clarifies that, consistent with other sections of Regulation Z, under proposed § 1026.XX(a)(2)(i) a consumer can have only one principal dwelling at a time. To determine whether this statutory condition has been met, a creditor would have to compare the current sale price with the price at which the seller acquired the property. The proposed rule would implement section 1471 of the Dodd-Frank Act, which establishes appraisal requirements for higher-risk mortgage loans. See 12 U.S.C. paragraph (1)(B) to Congress not later than 18 months after August 9, (1)  transmit to the Appraisal Subcommittee, no less than Because the latest wave of complete data available is for loans made in calendar year 2010, the empirical analysis generally uses the 2010 market as the baseline. TILA section 129H(b)(2)(A) refers to a property that the seller previously purchased or acquired “at a price.” 15 U.S.C. Question 17: The Agencies request comment on this proposed clarification. licensing system that appears to conform to the provisions of this The Agencies do not propose to interpret “certified or licensed appraiser” to include regulations related to appraisal review under FIRREA section 1110(3) because these requirements relate to an institution's responsibilities after receiving the appraisal, rather than to how the certified or licensed appraiser performs the appraisal. Indicates that a physical property visit of the interior of the property was performed. 1989 (Pub. [132], Bureau: Insured depository institutions with more than $10 billion in assets, their depository institution affiliates, and certain non-depository mortgage institutions.[133]. Transactions where the collateral is overvalued expose the creditor to higher default risk. [118] FIRREA’s enforcement mechanism is a hybrid: it is a penal statute that … 1639h(b)(2). L. No. The proposed rule implements the appraisal requirements of section 1471 of the Dodd-Frank Act. of defined value of an adequately described property as of a specific on 1462, 1462a, 1463, 1464, 1828(m), 3331 et seq., 5412(b)(2)(B), 15 U.S.C. 1. (10)  WRITTEN APPRAISAL.--The term "written RELATED FINANCIAL TRANSACTIONS BELOW THRESHOLD LEVEL.—, The Comptroller General of the United States may conduct, under such The FDIC proposes to not cross-reference the Bureau's Regulation Z at 12 CFR 1026.XX. For first liens, full interior inspections are common industry practice: passing the cost of appraisals on to consumers is current industry practice, and consumers appear to accept the appraisal fee so there is unlikely to be a significant adverse effect on consumers' access to credit. Costs per institution or loan officer. 58. More information and documentation can be found in our data on the location of certified appraisers from the Appraisal Subcommittee Registry;[71] Another reason that the Agencies propose to exclude reverse mortgage transactions from the definition of higher-risk mortgage loan is that a methodology for determining APORs for reverse mortgage transactions does not currently exist. Question 26: The Agencies are interested in receiving comment on how a creditor would calculate the price paid by a seller to acquire a property as part of a bulk sale that is later resold to a higher-risk mortgage consumer. Purchase money mortgages includes second-lien higher-risk mortgage loans that were part of a purchase transaction. They indicated that, typically, for new manufactured homes, the home value is based on the sales price listed on the manufactured home's wholesale invoice to the retailer. 3. [97] Since the procedures that would be required by the proposed rule such as ordering appraisals and comparing an APR to APOR are already familiar to creditor employees, one-time training costs are assumed to be 30 minutes. 15 U.S.C. sole bar against consideration for an assignment under these criteria. 47. Resolution Trust Corporation shall prescribe, in accordance with such agency's policies, practices, and section, the term "broker price opinion" means an estimate In this case, the creditor would not be able to determine whether the price at which the seller acquired the property was lower than the price the consumer is obligated to pay under the consumer's acquisition agreement, pursuant to § 1026.XX(b)(3)(i)(B). (d)  Disaster Area Defined.--For purposes of this section, the [Source:  Section 1110 of title XI of the Act of August 9, 1989 See 2012 HOEPA Proposal, pp. While the FDIC recognizes that fewer higher-price loans were generated in 2010, a more historical review is not possible because the average offer price (a key data element for this review) was not added until the fourth quarter of 2009. Secured solely by a residential structure. FOR PURPOSES OF THIS TITLE. In “non-disclosure” jurisdictions, where property sales price information is routinely unavailable through public records, this requirement could limit the availability of higher-risk mortgage loans. Consistent with the results from HMDA reporting IMBs, the Bureau estimates the costs to IMBs by multiplying a cost per loan by the total number of loans originated by IMBs. LICENSING AGENCIES. For non-depository institutions, the frequency of HRM is not available in the MCR. The Agencies recognize that creditors ordering two appraisals from different certified or licensed appraisers may receive appraisals providing different opinions. of the Council. [19] 143. Before extending a higher-risk mortgage loan, the creditor must either: perform additional diligence to obtain information showing the seller's acquisition price and determine whether two written appraisals would be required based on that information; or obtain two written appraisals in compliance with § 34.203(b)(3)(vi)(B). 25. Moreover, for the majority of HMDA respondents that are not depository institutions, neither annual revenue information nor exact asset size information is available. The Agencies intend the term “principal dwelling” and “property” to refer to the same property. perform appraisals in connection with federally related transactions, qualifications and supervision of appraiser practices are not made in a be commenced by the Attorney General. On an even more basic level, it may not be possible for a creditor to determine conclusively whether the appraiser actually performed the interior visit required by TILA section 129H(a). Paragraph (3) of FIRREA section 1110 (12 U.S.C. The Agencies request comment on the appropriateness of this exemption. Lack of information and conflicting information—requirements for the additional appraisal. State or subject to oversight by a Federal financial institutions 515), effective August 9, 1989; as and which by a State licensed appraiser under this chapter. The probability of full-interior appraisals for a transaction are 95% is purchase-money transactions, 90% for refinance transactions, and 5% for second mortgages. organizations, and other persons of any description which perform any The initial pilot phases validated that credit repository data are both accurate and comprehensive and that the survey component yields a representative sample and a sufficient response rate. Federal savings associations and their operating subsidiaries may not extend credit in the form of a higher risk mortgage loan without complying with the requirements of Section 129H of the Truth in Lending Act (15 U.S.C. The APOR is not a market wide average of the APR but, instead, is derived from average interest rates, points, and other loan pricing terms such as margins and indices. 1601 et seq., without meeting the requirements of 15 U.S.C. [106], The Bureau estimates that the one-time costs of reviewing the regulation to depository institutions and credit unions with $10 billion or less are described above, and would be $135.90 per institution, or $927,000 (rounded to the nearest thousand) in total.[107]. Deposit Insurance Act or an insured credit union as defined in section This feature is not available for this document. These rules shall require, at a minimum--. 20. A creditor that does not satisfy the conditions in § 226.43(b)(2)(i) through (iv) does not necessarily violate the appraisal requirements of § 226.43(b)(1). to examine any property, within the possession or control of any agency In its 2009 mortgage proposal, the Board relied on a 2008 survey of closing costs conducted by that contains data for hypothetical $200,000 loans in urban areas. (3) National Registry means the database of information about State certified and licensed appraisers maintained by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council. TILA section 129H(c) provides that a creditor shall provide one (1) copy of each appraisal conducted in accordance with this section in connection with a higher-risk mortgage to the applicant without charge. The Agencies, in the section-by-section analysis under the heading “Potential Exemptions from the Additional Appraisal Requirement,” are requesting comment on whether the final rule, relying on the exemption authority provided in TILA section 129C(b)(4)(B), should provide an exemption from the second appraisal requirement for loans made in “rural” areas. L. No. 107-123; 115 Stat. the Federal Register. This table of contents is a navigational tool, processed from the 1607. Further, TILA section 129H(b)(2) would apply only if a creditor extends a higher-risk mortgage loan to finance the consumer's acquisition of a property from a seller who paid a price lower than the consumer's price. 118. CRIMINAL ENHANCEMENTS. In light of these difficulties, the Agencies are proposing a standard of reasonable diligence in determining the seller's acquisition date and price, and are also proposing modifications to the additional appraisal requirement when reasonable diligence does not provide sufficient information about the seller's acquisition date and price. For a discussion of these regulatory exemptions, see Interagency Appraisal and Evaluation Guidelines, 75 FR 77450, 77465-68 (Dec. 10, 2010). Corporation to knowingly contract for the performance of any appraisal Consistent with TILA section 129H(b)(2)(A), proposed § 1026.XX(b)(3)(ii) would require an additional appraisal from a “different” certified or licensed appraiser. Proposed § 1026.XX(b)(3)(ii) would require that the additional appraisal meet the requirements of the first appraisal, which includes the requirements that the appraisal be performed by a certified or licensed appraiser who conducts a physical visit of the interior of the mortgaged property. Rather than implement one exclusion for qualified mortgages and a separate exclusion for any reverse mortgage loans that may be defined by the Bureau as qualified mortgages, proposed § 1026.XX(a)(2)(ii) would exclude a qualified mortgage loan as defined in § 1026.43(e) which would cover all qualified mortgages as defined by TILA section 129C as implemented in regulations of the Bureau. this title consistent with the appointment and compensation practices As noted, to facilitate identification of appraisers meeting this requirement, the Appraisal Subcommittee of the FFIEC maintains an on-line National Registry of appraisers identifying all federally recognized State certifications or licenses held by U.S. The VTL is the statutory scheme passed by the New York State Legislature and approved by the Governor of New York State whereby motor vehicles are regulated, among other … (a)  VIOLATIONS.--Except as authorized by the Appraisal Proposed comment XX(b)(3)(i)(B)-1 also contains a cross-reference to proposed comment XX(b)(3)(vi)(B)-1, which explains how a creditor may proceed with the transaction if the creditor is unable to determine the seller's acquisition price following reasonable diligence. For IMBs that report HMDA data, Table 6 presents estimates of the cost of compliance. In addition, the proposed comment refers to proposed comment XX(b)(3)(i)(A)-2 (date of the consumer's agreement to acquire the property) to indicate that this document will be the same document that a creditor may rely on to determine the date of the consumer's agreement to acquire the property. These standards must require, at a minimum—(1) that real estate appraisals be performed in accordance with generally accepted appraisal standards as evidenced by the appraisal standards promulgated by the Appraisal Standards Board of the Appraisal Foundation; and (2) that such appraisals shall be written appraisals. [9] For motor vehicle dealers as defined in section 1029 of the Dodd-Frank Act, TILA directs the Board to prescribe regulations to carry out the purposes of TILA and authorizes the Board to issue regulations that contain such classifications, differentiations, or other provisions, or that provide for such adjustments and exceptions for any class of transactions, that in the Board's judgment are necessary or proper to effectuate the purposes of TILA, or prevent circumvention or evasion of TILA. 111--203; 124 Stat. 101 of the Federal Credit Union Act. (5)  MAINTENANCE OF CONFIDENTIAL RECORDS--. Paragraph XX(b)(3)(vi) Creditor's determination under paragraphs (b)(3)(i)(A) and (b)(3)(i)(B) of this section. As required by the Act, this proposal was developed jointly by the Board, the Bureau, the FHFA, the FDIC, the NCUA, and the OCC. The “title commitment report” is a document from a title insurance company describing the property interest and status of its title, parties with interests in the title and the nature of their claims, issues with the title that must be resolved prior to closing of the transaction between the parties to the transfer, amount and disposition of the premiums, and endorsements on the title policy. 12 U.S.C. the Federal National Mortgage Association, the Federal Home Loan registry fee. proposed not later than 6 months and shall be effective upon adoption The data from the third pilot will not be made public. 101--73; 103 Stat. 2. on Number and Classes of Affected Entities, Request for Comments on Proposed Information Collection, PART 34—REAL ESTATE LENDING AND APPRAISALS, Subpart G—Appraisals for Higher Risk Mortgage Loans, Appendix A to Subpart G—Appraisal Safe Harbor Review, Appendix B to Subpart G—OCC Interpretations, Alternative 1: Annual Percentage Rate—Paragraph (a)(2)(i), Alternative 2: Transaction Coverage Rate—Paragraph (a)(2)(i), Commentary to § 34.203—Appraisals for Higher-Risk Mortgage Loans, Subpart B—Appraisals for Higher Risk Mortgage Loans, Board of Governors of the Federal Reserve System, PART 226—TRUTH IN LENDING ACT (REGULATION Z), Appendix N to Part 226—Appraisal Safe Harbor Review, Supplement I to Part 226—Official Interpretations, Section 226.43—Appraisals for Higher-Risk Mortgage Loans, PART 1026—TRUTH IN LENDING ACT (REGULATION Z), Appendix N to Part 1026—Appraisal Safe Harbor Review, Supplement I to Part 1026—Official Interpretations, Chapter XII—Federal Housing Finance Agency, Subpart A—Requirements for Higher-Risk Mortgages,, MODS: Government Publishing Office metadata,,,,,,,,,,,,,,, Has a First Mortgage or a Contract, Conditional on Ownership, Has a Closed-End Second Mortgage or a Contract, Has a Closed-End Second Mortgage or a Contract, Conditional on Ownership, Moved in in the Past Year, Conditional on Ownership, Moved in in the Past Year, Conditional on Ownership and Having a First Mortgage or Contract. 15 U.S.C. 523), effective August 9, 1989; 3831), effective October 19, 1996; section 9(g)(2) Assuming that full-interior appraisals conducted by a certified or licensed appraiser are more accurate than other valuation methods, the proposal would improve the quality of home price estimates for those transactions where such an appraisal would not be performed currently. (a) of this section and Congress of such compensation and benefits; and. Unless a creditor can demonstrate that the requirement to obtain two appraisals under § 34.203(b)(3)(i) does not apply, the creditor must obtain two written appraisals in compliance with § 34.203(b)(3)(vi)(B). 75 FR 66554 (Oct. 28, 2010); 12 CFR § 1026.42(c)(3)(iv) (obtaining multiple valuations for the consumer's principal dwelling to select the most reliable valuation does not violate the general prohibitions on coercion of persons preparing valuations or mischaracterizing the value assigned to a consumer's principal dwelling). [Source: Section 1126 added by section 1473(r) of title XIV of the certified or licensed appraiser unless the State appraiser certifying Director, Bureau of Consumer Financial Protection. 1104. As noted, the Bureau, in connection with its 2012 TILA-RESPA Proposal, is proposing a more inclusive finance charge. represent a threat to the safety and soundness of financial 1639h(b)(2)(B). This assumes that the largest independent mortgage bank in terms of loan counts would be a HMDA reporter, which is likely if the firm adheres to the originate-to-distribute model, which implies that most loans would be home purchase (either purchase or refinance) loans, it would originate more than 100 loans, and make at least 5 loans in an MSA or have an office in an MSA, which would require it to report to HMDA. 15 U.S.C. Price the consumer is obligated to pay to acquire the property. These are the same criteria that a creditor would analyze to determine whether the seller acquired the property at a price lower than the current sale price in proposed § 1026.XX(b)(3)(i)(B). 3339), that relate to an appraiser's development and reporting of the appraisal in effect at the time the appraiser signs the appraiser's certification. 1. For example, reliable information is not available regarding the extent of mortgage loan origination activity by institutions not subject to the reporting requirements of HMDA; such institutions are predominantly those that have offices only in rural areas or that are very small entities (assets under $40 million as of the end of 2010). See OCC: 12 CFR 34.46(b); FDIC: 12 CFR 323.6(b); FRB: 12 CFR 225.66(b); and NCUA: 12 CFR 722.6(b). 15 U.S.C. Requiring a second appraisal at the lender's expense in certain situations. [Next Page] 15 U.S.C. 2400), Commenters are encouraged to use the title “Appraisals for Higher-Risk Mortgage Loans” to facilitate the organization and distribution of comments among the Agencies. No. The proposed NPR will supersede this exemption, resulting in FICUs having to obtain an appraisal for a HRM transaction regardless of the transaction amount. ), and any implementing regulations in effect at the time the appraiser signs the appraiser's certification. individual who is certified or licensed. As noted above, if the Agencies were to adopt Alternative 2, the Agencies would rely on their exemption authority set forth in TILA section 129H(b)(4)(B). NCUA based its analysis on the HMDA data, as it provided a proxy for the characteristics of HRMs. 7001 et seq.). other appropriate legal authorities. The disclosure language proposed by the Agencies addresses this point by advising consumers they may obtain an additional appraisal at their own cost for their own use. Balanced against this risk is the concern that no information sources are publicly available in non-disclosure jurisdictions and jurisdictions with significant lag times before public land records are updated to reflect new transactions. (D)  to review and verify the work of appraisers. [127] These rules are substantively identical to the Board's and the OCC's higher-risk mortgage appraisal rules published separately in 12 CFR 226.43 (for the Board), 12 CFR part 34, subpart G and 12 CFR 164.20 through 34.21 (for the OCC). Act of July 21, 2010 (Pub. [49] (B)  report its findings with respect to the study described in detailing the seller's ownership of the property, the date it was acquired, or the price at which the seller acquired the property. A “small organization” is any “not-for-profit enterprise which is independently owned and operated and is not dominant in its field.” 5 U.S.C. third-party providers of appraisals and appraisal management services, The Agencies estimate that these one-time costs are as follows: Bureau 32,754 hours; FDIC: 10,284 hours; Board 3,344 hours; OCC: 19,586 hours; NCUA: 7,311 hours.[137]. transactions; (2)  to support its activities under this title; (3)  to reimburse the general fund of the Treasury for amounts You can pay for an additional appraisal for your own use at your own cost.”. "federally related transaction" means any real estate-related 111--203; 124 Stat. [Source:  Section 951 of title IX of the Act of August 9, 1989 518), effective August 9, 1989; section These two elements of the definition of “certified or licensed appraiser” are discussed in more detail below. Federal Register. Here, in Section 1110, Congress tells regulators to promulgate regulations to govern the appraisal process. Testing showed that consumers tended to find the two notifications confusing when they were given together using, in both cases, the language in the statute. 121. Upon completing each of the studies referred to in paragraph (1), To assist creditors with identifying the date on which the seller acquired title to the property, proposed comment XX(b)(3)(i)(A)-3 explains that the creditor may rely on records that provide information as to the date on which the seller became vested as the legal owner of the property pursuant to applicable State law; as explained in proposed comments XX(b)(3)(vi)(A)-1 and -2 and proposed comment XX(b)(3)(vi)(B)-1, the creditor may determine this date through reasonable diligence, requiring reliance on a written source document. Would exclude “ qualified mortgages ” from the headings within the legal basis for official. 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