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#2229672 - 01/27/20 04:34 PM Rural and Underserved
Patricia Offline
Gold Star
Joined: Mar 2011
Posts: 327
I searched for this question and could not find an answer
If the bank is making a consumer loan secured by a primary residence that is not a HPML and the property is not located in a rural and under-served area, as noted per the CFPB tool, regardless of the loan amount ,does the bank need to obtain an appraisal vs an evaluation?

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Lending Compliance
#2230050 - 01/31/20 07:04 PM Re: Rural and Underserved Patricia
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,422
Bloomington, IN
If the transaction does not exceed the residential threshold then an evaluation may be used.
The opinions expressed are mine and they are not to be taken as legal advice.

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