COMMENT: NCUA appraisal requirement exemption (701, 722) - 60 days from pub
NCUA issues proposed rule exempting appraisal requirement for mortgage refinancing
The NCUA Board has issued a proposed rule to encourage more federally insured credit unions to modify or refinance a real estate-related loan it holds that is underwater, without obtaining an appraisal if there is no advancement of new monies or with an advancement if there is adequate collateral protection. The proposed rule would also eliminate the duplicative requirement that federal credit unions provide members copies of appraisals for application for loans secured by a first lien on a dwelling, since all creditors, including federal credit unions, are now required to provide such valuations under recent CPFB mortgage rules.
A draft of the proposed rule (701 and 722) can be found on NCUA’s website; comments are due within 60 days of publication in the Federal Register, which is expected shortly.
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