source:
  type: regulation
  id: occ-12cfr-34.203
  authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.203 — Appraisals for higher-priced
    mortgage loans
  description: '12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC), §34.203 Appraisals for higher-priced
    mortgage loans. Captured section-complete (all subsections verbatim).

    '
obligations:
- id: occ-12cfr-34.203-a
  canonical_id: occ-12cfr-34.203-a
  section: 12 CFR §34.203(a)
  description: 'Appraisals for higher-priced mortgage loans — (a): (a) Definitions. For purposes of this section:
    (1) Certified or licensed appraiser means a person who is certified or licensed by the State agency in the State
    in which the property that secures the transaction is located, and who performs the appraisal in conformity
    with the Uniform Standards of Pr…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.203
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: '(a) Definitions. For purposes of this section: (1) Certified or licensed appraiser means a
      person who is certified or licensed by the State agency in the State in which the property that secures the
      transaction is located, and who performs the appraisal in conformity with the Uniform Standards of Professional
      Appraisal Practice and the requirements applicable to appraisers in title XI of the Financial Institutions
      Reform, Recovery, and Enforcement Act of 1989, as amended (12 U.S.C. 3331 et seq. ), and any implementing
      regulations, in effect at the time the appraiser signs the appraiser''s certification. (2) Credit risk means
      the financial risk that a consumer will default on a loan. (3) Manufactured home has the same meaning as in
      24 CFR 3280.2. (4) Manufacturer''s invoice means a document issued by a manufacturer and provided with a manufactured
      home to a retail dealer that separately details the wholesale (base) prices at the factory for specific models
      or series of manufactured homes and itemized options (large appliances, built-in items and equipment), plus
      actual itemized charges for freight from the factory to the dealer''s lot or the homesite (including any rental
      of wheels and axles) and for any sales taxes to be paid by the dealer. The invoice may recite such prices
      and charges on an itemized basis or by stating an aggregate price or charge, as appropriate, for each category.
      (5) National Registry means the database of information about State certified and licensed appraisers maintained
      by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council. (6) New manufactured
      home means a manufactured home that has not been previously occupied. (7) State agency means a &#x201C;State
      appraiser certifying and licensing agency&#x201D; recognized in accordance with section 1118(b) of the Financial
      Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3347(b)) and any implementing regulations.'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.203 subsection (a) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.203-b
  canonical_id: occ-12cfr-34.203-b
  section: 12 CFR §34.203(b)
  description: 'Appraisals for higher-priced mortgage loans — (b): (b) Exemptions. Unless otherwise specified, the
    requirements in paragraph (c) through (f) of this section do not apply to the following types of transactions:
    (1) A loan that satisfies the criteria of a qualified mortgage as defined pursuant to 15 U.S.C. 1639c. (2) An
    extension of credit for which t…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.203
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: '(b) Exemptions. Unless otherwise specified, the requirements in paragraph (c) through (f)
      of this section do not apply to the following types of transactions: (1) A loan that satisfies the criteria
      of a qualified mortgage as defined pursuant to 15 U.S.C. 1639c. (2) An extension of credit for which the amount
      of credit extended is equal to or less than the applicable threshold amount, which is adjusted every year
      to reflect increases in the Consumer Price Index for Urban Wage Earners and Clerical Workers, as applicable,
      and published in the OCC official interpretations to this paragraph (b)(2). (3) A transaction secured by a
      mobile home, boat, or trailer. (4) A transaction to finance the initial construction of a dwelling. (5) A
      loan with a maturity of 12 months or less, if the purpose of the loan is a &#x201C;bridge&#x201D; loan connected
      with the acquisition of a dwelling intended to become the consumer''s principal dwelling. (6) A reverse-mortgage
      transaction subject to 12 CFR 1026.33(a). (7) An extension of credit that is a refinancing secured by a first
      lien, with refinancing defined as in 12 CFR 1026.20(a) (except that the creditor need not be the original
      creditor or a holder or servicer of the original obligation), provided that the refinancing meets the following
      criteria:'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.203 subsection (b) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.203-i
  canonical_id: occ-12cfr-34.203-i
  section: 12 CFR §34.203(i)
  description: 'Appraisals for higher-priced mortgage loans — (i): (i) Either&#x2014; (A) The credit risk of the
    refinancing is retained by the person that held the credit risk of the existing obligation and there is no commitment,
    at consummation, to transfer the credit risk to another person; or (B) The refinancing is insured or guaranteed
    by the same Federal gov…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.203
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: '(i) Either&#x2014; (A) The credit risk of the refinancing is retained by the person that held
      the credit risk of the existing obligation and there is no commitment, at consummation, to transfer the credit
      risk to another person; or (B) The refinancing is insured or guaranteed by the same Federal government agency
      that insured or guaranteed the existing obligation; (ii) The regular periodic payments under the refinance
      loan do not&#x2014; (A) Cause the principal balance to increase; (B) Allow the consumer to defer repayment
      of principal; or (C) Result in a balloon payment, as defined in 12 CFR 1026.18(s)(5)(i); and (iii) The proceeds
      from the refinancing are used solely to satisfy the existing obligation and to pay amounts attributed solely
      to the costs of the refinancing; and (8) A transaction secured by:'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.203 subsection (i) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.203-i
  canonical_id: occ-12cfr-34.203-i
  section: 12 CFR §34.203(i)
  description: 'Appraisals for higher-priced mortgage loans — (i): (i) A new manufactured home and land, but the
    exemption shall only apply to the requirement in paragraph (c)(1) of this section that the appraiser conduct
    a physical visit of the interior of the new manufactured home; or (ii) A manufactured home and not land, for
    which the creditor obtains one of th…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.203
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: (i) A new manufactured home and land, but the exemption shall only apply to the requirement
      in paragraph (c)(1) of this section that the appraiser conduct a physical visit of the interior of the new
      manufactured home; or (ii) A manufactured home and not land, for which the creditor obtains one of the following
      and provides a copy to the consumer no later than three business days prior to consummation of the transaction&#x2014;
      (A) For a new manufactured home, the manufacturer's invoice for the manufactured home securing the transaction,
      provided that the date of manufacture is no earlier than 18 months prior to the creditor's receipt of the
      consumer's application for credit; (B) A cost estimate of the value of the manufactured home securing the
      transaction obtained from an independent cost service provider; or (C) A valuation, as defined in 12 CFR 1026.42(b)(3),
      of the manufactured home performed by a person who has no direct or indirect interest, financial or otherwise,
      in the property or transaction for which the valuation is performed and has training in valuing manufactured
      homes.
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.203 subsection (i) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.203-c
  canonical_id: occ-12cfr-34.203-c
  section: 12 CFR §34.203(c)
  description: 'Appraisals for higher-priced mortgage loans — (c): (c) Appraisals required &#x2014;(1) In general.
    Except as provided in paragraph (b) of this section, a creditor shall not extend a higher-priced mortgage loan
    to a consumer without obtaining, prior to consummation, a written appraisal of the property to be mortgaged.
    The appraisal must be performed …'
  type: dont
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.203
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: '(c) Appraisals required &#x2014;(1) In general. Except as provided in paragraph (b) of this
      section, a creditor shall not extend a higher-priced mortgage loan to a consumer without obtaining, prior
      to consummation, a written appraisal of the property to be mortgaged. The appraisal must be performed by a
      certified or licensed appraiser who conducts a physical visit of the interior of the property that will secure
      the transaction. (2) Safe harbor. A creditor obtains a written appraisal that meets the requirements for an
      appraisal required under paragraph (c)(1) of this section if the creditor:'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.203 subsection (c) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.203-i
  canonical_id: occ-12cfr-34.203-i
  section: 12 CFR §34.203(i)
  description: 'Appraisals for higher-priced mortgage loans — (i): (i) Orders that the appraiser perform the appraisal
    in conformity with the Uniform Standards of Professional Appraisal Practice and title XI of the Financial Institutions
    Reform, Recovery, and Enforcement Act of 1989, as amended (12 U.S.C. 3331 et seq. ), and any implementing regulations
    in effect a…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.203
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: (i) Orders that the appraiser perform the appraisal in conformity with the Uniform Standards
      of Professional Appraisal Practice and title XI of the Financial Institutions Reform, Recovery, and Enforcement
      Act of 1989, as amended (12 U.S.C. 3331 et seq. ), and any implementing regulations in effect at the time
      the appraiser signs the appraiser's certification; (ii) Verifies through the National Registry that the appraiser
      who signed the appraiser's certification was a certified or licensed appraiser in the State in which the appraised
      property is located as of the date the appraiser signed the appraiser's certification; (iii) Confirms that
      the elements set forth in appendix A to this subpart are addressed in the written appraisal; and (iv) Has
      no actual knowledge contrary to the facts or certifications contained in the written appraisal.
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.203 subsection (i) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.203-d
  canonical_id: occ-12cfr-34.203-d
  section: 12 CFR §34.203(d)
  description: 'Appraisals for higher-priced mortgage loans — (d): (d) Additional appraisal for certain higher-priced
    mortgage loans &#x2014;(1) In general. Except as provided in paragraphs (b) and (d)(7) of this section, a creditor
    shall not extend a higher-priced mortgage loan to a consumer to finance the acquisition of the consumer''s principal
    dwelling without o…'
  type: dont
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.203
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: '(d) Additional appraisal for certain higher-priced mortgage loans &#x2014;(1) In general.
      Except as provided in paragraphs (b) and (d)(7) of this section, a creditor shall not extend a higher-priced
      mortgage loan to a consumer to finance the acquisition of the consumer''s principal dwelling without obtaining,
      prior to consummation, two written appraisals, if:'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.203 subsection (d) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.203-i
  canonical_id: occ-12cfr-34.203-i
  section: 12 CFR §34.203(i)
  description: 'Appraisals for higher-priced mortgage loans — (i): (i) The seller acquired the property 90 or fewer
    days prior to the date of the consumer''s agreement to acquire the property and the price in the consumer''s
    agreement to acquire the property exceeds the seller''s acquisition price by more than 10 percent; or (ii) The
    seller acquired the property 91 to…'
  type: dont
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.203
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: '(i) The seller acquired the property 90 or fewer days prior to the date of the consumer''s
      agreement to acquire the property and the price in the consumer''s agreement to acquire the property exceeds
      the seller''s acquisition price by more than 10 percent; or (ii) The seller acquired the property 91 to 180
      days prior to the date of the consumer''s agreement to acquire the property and the price in the consumer''s
      agreement to acquire the property exceeds the seller''s acquisition price by more than 20 percent. (2) Different
      certified or licensed appraisers. The two appraisals required under paragraph (d)(1) of this section may not
      be performed by the same certified or licensed appraiser. (3) Relationship to general appraisal requirements.
      If two appraisals must be obtained under paragraph (d)(1) of this section, each appraisal shall meet the requirements
      of paragraph (c)(1) of this section. (4) Required analysis in the additional appraisal. One of the two required
      appraisals must include an analysis of:'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.203 subsection (i) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.203-i
  canonical_id: occ-12cfr-34.203-i
  section: 12 CFR §34.203(i)
  description: 'Appraisals for higher-priced mortgage loans — (i): (i) The difference between the price at which
    the seller acquired the property and the price that the consumer is obligated to pay to acquire the property,
    as specified in the consumer''s agreement to acquire the property from the seller; (ii) Changes in market conditions
    between the date the seller …'
  type: dont
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.203
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: '(i) The difference between the price at which the seller acquired the property and the price
      that the consumer is obligated to pay to acquire the property, as specified in the consumer''s agreement to
      acquire the property from the seller; (ii) Changes in market conditions between the date the seller acquired
      the property and the date of the consumer''s agreement to acquire the property; and (iii) Any improvements
      made to the property between the date the seller acquired the property and the date of the consumer''s agreement
      to acquire the property. (5) No charge for the additional appraisal. If the creditor must obtain two appraisals
      under paragraph (d)(1) of this section, the creditor may charge the consumer for only one of the appraisals.
      (6) Creditor''s determination of prior sale date and price &#x2014;(i) Reasonable diligence. A creditor must
      obtain two written appraisals under paragraph (d)(1) of this section unless the creditor can demonstrate by
      exercising reasonable diligence that the requirement to obtain two appraisals does not apply. A creditor acts
      with reasonable diligence if the creditor bases its determination on information contained in written source
      documents, such as the documents listed in appendix B to this subpart. (ii) Inability to determine prior sale
      date or price&#x2014;modified requirements for additional appraisal. If, after exercising reasonable diligence,
      a creditor cannot determine whether the conditions in paragraphs (d)(1)(i) and (d)(1)(ii) are present and
      therefore must obtain two written appraisals in accordance with paragraphs (d)(1) through (d)(5) of this section,
      one of the two appraisals shall include an analysis of the factors in paragraph (d)(4) of this section only
      to the extent that the information necessary for the appraiser to perform the analysis can be determined.
      (7) Exemptions from the additional appraisal requirement. The additional appraisal required under paragraph
      (d)(1) of this section shall not apply to extensions of credit that finance a consumer''s acquisition of property:'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.203 subsection (i) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.203-i
  canonical_id: occ-12cfr-34.203-i
  section: 12 CFR §34.203(i)
  description: 'Appraisals for higher-priced mortgage loans — (i): (i) From a local, State or Federal government
    agency; (ii) From a person who acquired title to the property through foreclosure, deed-in-lieu of foreclosure,
    or other similar judicial or non-judicial procedure as a result of the person''s exercise of rights as the holder
    of a defaulted mortgage loan;…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.203
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: (i) From a local, State or Federal government agency; (ii) From a person who acquired title
      to the property through foreclosure, deed-in-lieu of foreclosure, or other similar judicial or non-judicial
      procedure as a result of the person's exercise of rights as the holder of a defaulted mortgage loan; (iii)
      From a non-profit entity as part of a local, State, or Federal government program under which the non-profit
      entity is permitted to acquire title to single-family properties for resale from a seller who acquired title
      to the property through the process of foreclosure, deed-in-lieu of foreclosure, or other similar judicial
      or non-judicial procedure; (iv) From a person who acquired title to the property by inheritance or pursuant
      to a court order of dissolution of marriage, civil union, or domestic partnership, or of partition of joint
      or marital assets to which the seller was a party;
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.203 subsection (i) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.203-v
  canonical_id: occ-12cfr-34.203-v
  section: 12 CFR §34.203(v)
  description: 'Appraisals for higher-priced mortgage loans — (v): (v) From an employer or relocation agency in
    connection with the relocation of an employee; (vi) From a servicemember, as defined in 50 U.S.C. App. 511(1),
    who received a deployment or permanent change of station order after the servicemember purchased the property;
    (vii) Located in an area designat…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.203
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: (v) From an employer or relocation agency in connection with the relocation of an employee;
      (vi) From a servicemember, as defined in 50 U.S.C. App. 511(1), who received a deployment or permanent change
      of station order after the servicemember purchased the property; (vii) Located in an area designated by the
      President as a federal disaster area, if and for as long as the Federal financial institutions regulatory
      agencies, as defined in 12 U.S.C. 3350(6), waive the requirements in title XI of the Financial Institutions
      Reform, Recovery, and Enforcement Act of 1989, as amended (12 U.S.C. 3331 et seq. ), and any implementing
      regulations in that area; or (viii) Located in a rural county, as defined in 12 CFR 1026.35(b)(2)(iv)(A).
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.203 subsection (v) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.203-e
  canonical_id: occ-12cfr-34.203-e
  section: 12 CFR §34.203(e)
  description: 'Appraisals for higher-priced mortgage loans — (e): (e) Required disclosure &#x2014;(1) In general.
    Except as provided in paragraph (b) of this section, a creditor shall disclose the following statement, in writing,
    to a consumer who applies for a higher-priced mortgage loan: &#x201C;We may order an appraisal to determine
    the property''s value and cha…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.203
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: '(e) Required disclosure &#x2014;(1) In general. Except as provided in paragraph (b) of this
      section, a creditor shall disclose the following statement, in writing, to a consumer who applies for a higher-priced
      mortgage loan: &#x201C;We may order an appraisal to determine the property''s value and charge you for this
      appraisal. We will give you a copy of any appraisal, even if your loan does not close. You can pay for an
      additional appraisal for your own use at your own cost.&#x201D; Compliance with the disclosure requirement
      in Regulation B, 12 CFR 1002.14(a)(2), satisfies the requirements of this paragraph. (2) Timing of disclosure.
      The disclosure required by paragraph (e)(1) of this section shall be delivered or placed in the mail no later
      than the third business day after the creditor receives the consumer''s application for a higher-priced mortgage
      loan subject to this section. In the case of a loan that is not a higher-priced mortgage loan subject to this
      section at the time of application, but becomes a higher-priced mortgage loan subject to this section after
      application, the disclosure shall be delivered or placed in the mail not later than the third business day
      after the creditor determines that the loan is a higher-priced mortgage loan subject to this section.'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.203 subsection (e) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.203-f
  canonical_id: occ-12cfr-34.203-f
  section: 12 CFR §34.203(f)
  description: 'Appraisals for higher-priced mortgage loans — (f): (f) Copy of appraisals &#x2014;(1) In general.
    Except as provided in paragraph (b) of this section, a creditor shall provide to the consumer a copy of any
    written appraisal performed in connection with a higher-priced mortgage loan pursuant to paragraphs (c) and
    (d) of this section. (2) Timing. A cr…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.203
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: '(f) Copy of appraisals &#x2014;(1) In general. Except as provided in paragraph (b) of this
      section, a creditor shall provide to the consumer a copy of any written appraisal performed in connection
      with a higher-priced mortgage loan pursuant to paragraphs (c) and (d) of this section. (2) Timing. A creditor
      shall provide to the consumer a copy of each written appraisal pursuant to paragraph (f)(1) of this section:'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.203 subsection (f) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.203-i
  canonical_id: occ-12cfr-34.203-i
  section: 12 CFR §34.203(i)
  description: 'Appraisals for higher-priced mortgage loans — (i): (i) No later than three business days prior to
    consummation of the loan; or (ii) In the case of a loan that is not consummated, no later than 30 days after
    the creditor determines that the loan will not be consummated. (3) Form of copy. Any copy of a written appraisal
    required by paragraph (f)(1) of…'
  type: dont
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.203
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: (i) No later than three business days prior to consummation of the loan; or (ii) In the case
      of a loan that is not consummated, no later than 30 days after the creditor determines that the loan will
      not be consummated. (3) Form of copy. Any copy of a written appraisal required by paragraph (f)(1) of this
      section may be provided to the applicant in electronic form, subject to compliance with the consumer consent
      and other applicable provisions of the Electronic Signatures in Global and National Commerce Act (E-Sign Act)
      (15 U.S.C. 7001 et seq. ). (4) No charge for copy of appraisal. A creditor shall not charge the consumer for
      a copy of a written appraisal required to be provided to the consumer pursuant to paragraph (f)(1) of this
      section.
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.203 subsection (i) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.203-g
  canonical_id: occ-12cfr-34.203-g
  section: 12 CFR §34.203(g)
  description: 'Appraisals for higher-priced mortgage loans — (g): (g) Relation to other rules. The rules in this
    section 34.203 were adopted jointly by the Board of Governors of the Federal Reserve System (the Board), the
    OCC, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Federal Housing
    Finance Agency, and the Consumer F…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.203
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: (g) Relation to other rules. The rules in this section 34.203 were adopted jointly by the Board
      of Governors of the Federal Reserve System (the Board), the OCC, the Federal Deposit Insurance Corporation,
      the National Credit Union Administration, the Federal Housing Finance Agency, and the Consumer Financial Protection
      Bureau (Bureau). These rules are substantively identical to the Board's and the Bureau's higher-priced mortgage
      loan appraisal rules published separately in 12 CFR 226.43 (for the Board) and 12 CFR 1026.35(a) and (c) (for
      the Bureau). [78 FR 10432, Feb. 13, 2013, as amended at 78 FR 78579, 78580, Dec. 26, 2013]
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.203 subsection (g) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
