OCC Keeps Mortgage Appraisals on Paperwork Life Support
Published Date: 2/27/2026
Notice
Summary
The Office of the Comptroller of the Currency (OCC) is renewing its paperwork rules for appraisals on higher-priced mortgage loans. This means banks and lenders will keep collecting certain info to make sure home loans are priced fairly. If you want to share your thoughts, you’ve got until March 30, 2026, to speak up—no extra costs or big changes, just keeping things running smoothly!
Analyzed Economic Effects
5 provisions identified: 4 benefits, 1 costs, 0 mixed.
Written Appraisal with Interior Visit Required
If you apply for a higher-priced mortgage loan (HPML) subject to 12 CFR 34.203(c), the creditor must obtain a written appraisal prepared by a certified or licensed appraiser who conducts a physical visit of the interior of the property. You will be dealing with an appraiser who inspects inside the home as part of the HPML appraisal process.
When an Additional Appraisal Is Required
If the seller acquired the property 90 days or less before your agreement and the sale price exceeds the seller's acquisition price by more than 10 percent, or if the seller acquired it 91–180 days before and the sale price exceeds the seller's acquisition price by more than 20 percent, the creditor must obtain an additional written appraisal. The additional appraisal must analyze the price difference, market condition changes, and any improvements.
Paperwork Renewal for HPML Lenders
If you are a creditor or lender making higher-priced mortgage loans (HPMLs), the OCC is renewing its required information collection (OMB Control Number 1557-0313). The notice lists an estimated 1,011 respondents and a total annual burden of 261 hours and requests comments by March 30, 2026.
Disclosure Within Three Business Days
If you apply for an HPML, the creditor must give you a disclosure no later than the third business day after receiving your application. The disclosure must state the creditor may order and charge you for an appraisal, that you will get a copy of any appraisal, and that you may obtain an additional appraisal at your expense.
Consumers Must Receive Appraisal Copies
If an appraisal (Written Appraisal or Additional Written Appraisal) is used to evaluate the property securing an HPML, the creditor is required to provide you with a copy of that appraisal. You have a right to receive the written appraisal used in the transaction.
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