Proposed Changes to Appraisal Rules Expand Exemptions and Eliminate Redundancy
At yesterday’s board meeting, NCUA approved proposed changes to its appraisal rules to eliminate redundancy between its rule and new CFPB rules regarding providing consumers with copies of appraisals. The proposed rule would also create an exemption to the appraisal requirement when a refinance does not involve new funds, other than closing costs, and there has been no obvious and material change to the market conditions or the physical condition of the collateral property. [6/20/14]
