The NCUA and five other agencies on Wednesday issued a proposedrule that would exempt some higher-priced mortgage loans fromcertain appraisal requirements.
The rule would exempt from Dodd-Frank Act appraisalrequirements: loans of $25,000 or less; certain “streamlined”refinancings; and certain loans secured by manufactured housing.The banking reform act considers loans to be higher-priced if theyare secured by a borrower's home and have interest rates of acertain threshold, the agencies' announcement said.
“The proposed exemptions are intended to save borrowers time andmoney and to promote the safety and soundness of creditors,” saidthe announcement from the NCUA, FDIC, CFPB, FHFA, Federal ReserveBoard and the Office of the Comptroller of the Currency.
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