The Federal Reserve Board has joined with five other federal regulatory agencies in proposing a new rule to impose appraisal requirements for loans secured by a borrower’s home and bearing interest rates higher than the average prime offer rate (APOR) for comparable properties and mortgages.
Higher-risk loans will now require creditors to use a licensed or certified appraiser who prepares a complete report on physical inspection of the property. Applicants for a loan must be furnished a free copy of any appraisal. In an effort to prevent fraudulent property… Read More
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