Regulators Propose Exemptions from Appraisal Requirements

July 11, 2013
American Banker  
mortgage lending news

Six regulatory agencies on July 10 issued a proposal that would exempt three types of higher-priced mortgages from appraisal requirements. The plan would exempt loans secured by existing manufactured homes (and not land), certain types of "streamlined" refinancings, and loans of $25,000 or less. The agencies are seeking comment by Sept. 9 on the exemption proposal. If finalized, the rule would take effect on Jan. 18, 2014.
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