Federal regulators added a final rule that exempts certain mortgage loans and refinances from appraisal requirements established under the 2010 Dodd-Frank reform law.
A joint press release from the Federal Reserve Board, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corp., the Federal Housing Finance Agency, the National Credit Union Administration and the Office of the Comptroller of the Currency stated, "The exemptions are intended to save borrowers time and money while still ensuring that the loans are financially sound."
The rule exempts loans of less than $25,000 from the appraisal requirements. The final rule will go into effect Jan. 18.
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