From the Archives: January 2014

CFPB HPML Appraisal Requirements 

Effective Jan. 18, credit unions will be required to follow the Higher-Priced Mortgage Loan Appraisal Rule, which applies to higher-priced, first-lien or subordinate-lien closed-end loans secured by a member’s principal dwelling. Credit unions originating a covered HPML will be required to do the following:

This final rule provides an exemption from these requirements for certain types of refinancing and transactions of $25,000 or less. The specific exemptions are listed below.

Extensions of credit of $25,000 or less (indexed every year for inflation).

MCUL commented in favor of the additional exemptions. MCUL’s Comment Letter can be found here.

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