FDIC Requires Appraiser Visits For High-Cost Mortgages

Law360, New York (January 15, 2013, 1:05 PM EST) -- The Federal Deposit Insurance Corp. on Tuesday finalized rules strengthening the appraisal requirements for expensive and riskier mortgages, including a requirement that appraisers physically inspect the interiors of homes that are being sold.

The rule, required under the Dodd-Frank Act, is aimed at providing borrowers of high-cost mortgages certainty that they are getting what they paid for and that the price they agreed to spend is appropriate for the property they are buying, according to FDIC Chairman Martin Gruenberg.

“It will help insure that borrowers obtaining...
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