Six financial regulatory agencies issued on Wednesday a proposed rule to exempt a subset of higher-priced mortgage loans from certain appraisal requirements.
In a joint release, the FDIC, CFPB, FHFA, Office of the Comptroller of the Currency (OCC), National Credit Union Administration (NCUA), and Federal Reserve Board proposed to provide exemptions from Dodd-Frank appraisal requirements for loans of $25,000 or less, certain streamlined refinancings, and certain loans secured by manufactured housing.
According to the release, the proposed exemptions “are intended to save borrowers time and money and to promote the safety and soundness and creditors.”
The rule already included exemptions for several types of loans, including qualified mortgages, temporary bridge loans and construction loans, loans for new manufactured homes, and loans for mobile homes, trailers, and houseboats.
The public has until September 9, 2013, to review and comment on most of the proposal.