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#1987132 - 01/07/15 10:12 PM HPML Appraisal required?
complygirl Offline
Platinum Poster
Joined: Oct 2004
Posts: 822
midwest
On a HPML is an appraisal required or would a valuation by an appraiser be sufficient?

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Interagency (Reg Z) and CFPB Reg B Appraisal Rules
#1987146 - 01/07/15 10:39 PM Re: HPML Appraisal required? complygirl
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,293
Galveston, TX
1026.35(c)(3) Appraisals required. (i) In general. Except as provided in paragraph (c)(2) of this section, a creditor shall not extend a higher-priced mortgage loan to a consumer without obtaining, prior to consummation, a written appraisal of the property to be mortgaged. The appraisal must be performed by a certified or licensed appraiser who conducts a physical visit of the interior of the property that will secure the transaction.
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#1987260 - 01/08/15 03:29 PM Re: HPML Appraisal required? complygirl
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,765
Bloomington, IN
Except as provided in paragraph (c)(2) of this section

Be sure to review (c)(2). It exempts a QM from the requirements of (c)(3).
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The opinions expressed are mine and they are not to be taken as legal advice.

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