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#2229672 - 01/27/20 04:34 PM Rural and Underserved
Patricia Offline
Gold Star
Joined: Mar 2011
Posts: 327
Kansas
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.
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The opinions expressed are mine and they are not to be taken as legal advice.

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