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Appraisal Standards for Higher-Risk Mortgages Passed by FDIC

U.S. mortgage lenders will get an additional year to implement new appraisal standards for higher-risk loans after regulators revised the Dodd-Frank Act measure to address concerns raised by financial firms.

Creditors issuing loans at above-average interest rates that don’t meet the “qualified mortgage” standard will need to get written reports by certified appraisers who physically inspect homes under rules approved today by the Federal Deposit Insurance Corp., one of six agencies that must sign off. The chiefs of the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency -- as FDIC board members -- also approved the rule.