Rural and Underserved

Posted By: Patricia

Rural and Underserved - 01/27/20 04:34 PM

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?
Posted By: Dan Persfull

Re: Rural and Underserved - 01/31/20 07:04 PM

If the transaction does not exceed the residential threshold then an evaluation may be used.