Interim Final Rule on Real Estate Appraisals



On October 18, 2010, the Federal Reserve Board (“Board”) issued an interim final rule to implement the appraisal independence provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). The interim final rule also implements the provisions of the Dodd-Frank Act that require creditors and their agents to pay customary and reasonable fees to fee appraisers. This client alert summarizes the Board’s rule and discusses its ramifications for mortgage lenders.


Section 1472 of the Dodd-Frank Act added a new Section 129E to the federal Truth-in-Lending Act (“TILA”) to impose appraisal independence requirements for a consumer credit transaction secured by the principal dwelling of the consumer. A detailed discussion of Section 1472 is found in our Dodd-Frank Residential Mortgage User Guide.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Morrison & Foerster LLP | Attorney Advertising

Written by:


Morrison & Foerster LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.