Mortgage Appraisals: Banks Invited to Comment on Paperwork Renewal
Published Date: 12/23/2025
Notice
Summary
The Office of the Comptroller of the Currency (OCC) is asking for your thoughts on renewing a paperwork rule about appraisals for higher-priced mortgage loans. This affects banks and lenders who handle these loans, helping keep paperwork clear and manageable. You’ve got until February 23, 2026, to share your comments—no money changes now, just a chance to shape the rules!
Analyzed Economic Effects
5 provisions identified: 2 benefits, 1 costs, 2 mixed.
Interior Visit Written Appraisal Requirement
For higher-priced mortgage loans subject to 12 CFR 34.203(c), creditors must obtain a written appraisal prepared by a certified or licensed appraiser who conducts a physical interior visit of the property that will secure the loan.
Extra Appraisal When Seller’s Price Rose Quickly
If the seller bought the property 90 or fewer days before your agreement and your purchase price exceeds the seller's acquisition price by more than 10%, or if the seller bought it 91–180 days prior and your price exceeds the seller's acquisition price by more than 20%, the creditor must obtain an additional written appraisal that analyzes the price difference, market changes, and any improvements.
3‑Business‑Day Appraisal Disclosure Rule
If you apply for a higher-priced mortgage loan, the creditor must give you a written disclosure no later than the third business day after getting your application telling you the creditor may order an appraisal, may charge you for it, will give you a copy of any appraisal, and that you can pay for an additional appraisal yourself.
Right to Receive a Copy of the Appraisal
Creditors are required to give consumers a copy of the written appraisal or additional written appraisal used to evaluate the property's collateral for a higher-priced mortgage loan.
Paperwork Renewal and Estimated Burden on Lenders
The OCC is seeking comment on renewing the information collection titled 'Appraisals for Higher-Priced Mortgage Loans' (OMB Control No. 1557-0313) and estimates 1,011 respondents with a total annual burden of 261 hours; comments are due February 23, 2026.
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