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than 7 business days, after the receipt of a written request for such balance from or on behalf of the borrower.’’.

SEC. 1465. ESCROWS INCLUDED IN REPAYMENT ANALYSIS. Section 128(b) of the Truth in Lending Act (15 U.S.C. 1638(b)) is amended by adding at the end the following new paragraph: ‘‘(4) REPAYMENT ANALYSIS REQUIRED TO INCLUDE ESCROW PAYMENTS.— ‘‘(A) IN GENERAL.—In the case of any consumer credit transaction secured by a first mortgage or lien on the principal dwelling of the consumer, other than a consumer credit transaction under an open end credit plan or a reverse mortgage, for which an impound, trust, or other type of account has been or will be established in connection with the transaction for the payment of property taxes, hazard and flood (if any) insurance premiums, or other periodic payments or premiums with respect to the prop- erty, the information required to be provided under sub- section (a) with respect to the number, amount, and due dates or period of payments scheduled to repay the total of payments shall take into account the amount of any monthly payment to such account for each such repayment in accordance with section 10(a)(2) of the Real Estate Settlement Procedures Act of 1974. ‘‘(B) ASSESSMENT VALUE.—The amount taken into account under subparagraph (A) for the payment of prop- erty taxes, hazard and flood (if any) insurance premiums, or other periodic payments or premiums with respect to the property shall reflect the taxable assessed value of the real property securing the transaction after the con- summation of the transaction, including the value of any improvements on the property or to be constructed on the property (whether or not such construction will be financed from the proceeds of the transaction), if known, and the replacement costs of the property for hazard insur- ance, in the initial year after the transaction.’’.

Subtitle F—Appraisal Activities

SEC. 1471. PROPERTY APPRAISAL REQUIREMENTS. Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is amended by inserting after 129G (as added by section 1464(b)) the following new section:

‘‘§ 129H. Property appraisal requirements 15 USC 1639h.
‘‘(a) IN GENERAL.—A creditor may not extend credit in the
form of a higher-risk mortgage to any consumer without first
obtaining a written appraisal of the property to be mortgaged
prepared in accordance with the requirements of this section.
‘‘(b) APPRAISAL REQUIREMENTS.—
‘‘(1) PHYSICAL PROPERTY VISIT.—Subject to the rules pre-
scribed under paragraph (4), an appraisal of property to be
secured by a higher-risk mortgage does not meet the require-
ment of this section unless it is performed by a certified or

LAWS licensed appraiser who conducts a physical property visit of the interior of the mortgaged property. ‘‘(2) SECOND APPRAISAL UNDER CERTAIN CIRCUMSTANCES.—PUBLIC with on anorris VerDate Nov 24 2008 04:10 Sep 04, 2010 Jkt 089139 PO 00203 Frm 00811 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203