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On December 12, the Fed, FDIC, CFPB, FHFA, NCUA and OCC issued a final rule that creates exemptions from certain appraisal requirements for certain higher-priced mortgage loans.
On December 12, the Fed, FDIC,
CFPB, FHFA, NCUA
and OCC issued a final rule that creates
exemptions from certain appraisal requirements for
certain higher-priced mortgage loans. The final
rule provides that loans of $25,000 or less and certain
"streamlined" refinancings are exempt from the Dodd-Frank
Act appraisal requirements, which go into effect on January 18,
2014. Joint Release. Joint Final Rule.
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