Appraisal Exemption for Higher-Priced Mortgages

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On July 10, the Fed, the CFPB, the FDIC, the FHFA and the OCC issued a joint proposed rule which would create exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans. The proposed rule would provide exemptions for: (i) transactions secured by existing manufactured homes and not land; (ii) certain “streamlined” refinancings; and (iii) transactions of $25,000 or less. Comments must be received on or before September 9. Joint Release. Proposed Rule.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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