Lenders face a more complex appraisal process for so-called "higher-risk mortgages" according to a proposed rule released Wednesday by six federal financial regulatory agencies, including the NCUA.
The proposed rule is yet another amendment to the Truth in Lending Act mandated by the Dodd-Frank Act of 2010, which requires the proposed rules to be enforced by January 21, 2013.
Higher-risk mortgages are defined as closed-end consumer loans secured by a principal dwelling that have annual percentage rates that exceed a statutory threshold.
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