FHA has issued guidance for a stramlined refinance with no appraisal required. I'm thinking I'm missing something here - how does the appraisal regulation fit into this if we are required to do an appraisal or evaluation depending on the loan amount?

Would this fall in the Appraisal Exemptions found in Appendix A on page 77467 of the Federal Register of December 10, 2010 which says:

9. Transactions Insured or Guaranteed by a U.S. Government Agency or U.S. Government-Sponsored Agency This exemption applies to transactions that are wholly or partially insured or guaranteed by a U.S. government agency or U.S. government sponsored agency. The Agencies expect these transactions to meet all the underwriting requirements of the Federal insurer or guarantor, including its appraisal requirements, in order to receive the insurance or guarantee.

I would say absolutely correct.

Thanks!