The federal banking agencies joined the CFPB and other federal financial regulators to issue a joint final rule on December 12, 2013 that creates exemptions from certain appraisal requirements for loans of $25,000 or less and certain streamlined refinancing that are classified as higher-priced mortgage loans under the Dodd-Frank Act. The joint final rule became effective on January 18, 2014.

     Nutter Notes: The agencies had previously issued a joint final rule implementing the new Dodd-Frank Act appraisal requirements, which became effective on January 18, 2014. The rule requires that, for higher-priced mortgage loans, the lender must obtain an appraisal meeting specified standards, provide the loan applicants with a notification regarding the use of the appraisal and give the applicants a copy of the written appraisal used.