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Committee passes bill exempting lenders from certain appraisal requirements
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The Financial Services Committee voted to pass H.R. 5148, the Access to Affordable Mortgages Act of 2014, by a vote of 31-23 on July 30.
H.R. 5148, which was sponsored by Rep. Blaine Luetkemeyer, R-Mo., would exempt lenders from complying with the appraisal requirements put in place by the Dodd-Frank Act for mortgages of $250,000 or below as long as lenders hold the loan in portfolio for at least three years. Essentially, the bill would not require full appraisals in such cases.
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