Monthly Archives: March 2013

United States Accountability Office (GAO) Reports to Congressional Committe that Appraisal Subcommittee needs to improve Monitoring Procedures

What GAO Found “GAO found that more than 70 percent of residential mortgages made from 2006 through 2009 were $250,000 or less—the regulatory threshold at or below which appraisals are not required for transactions involving federally regulated lenders. In recent years, however, the threshold has had a limited impact on the proportion of mortgages with […]

Dodd-Frank H.R. 4173 Title XIII – Pay It Back Act Subtitle F – Appraisal Activities

SEC. 1471. PROPERTY APPRAISAL REQUIREMENTS. Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is amended by inserting after 129G (as added by section 1464(b)) the following new section: ‘‘§ 129H. Property appraisal requirements ‘‘(a) IN GENERAL. —A creditor may not extend credit in theform of a higher-risk mortgage to any consumer […]