Six federal financial regulatory agencies issued a final rule creating additional exemptions from the appraisal requirements for higher-priced mortgage loans. Under Regulation Z, a closed-end mortgage loan secured by a consumer’s principal dwelling may be considered higher-priced if the interest rate exceeds certain thresholds.
The new exemptions include certain types of refinances, loans secured by manufactured homes made during the next 18 months, and loans of $25,000 or less.
Read the final rule: Appraisals for Higher-Priced Mortgage Loans – Supplemental Final Rule