New Guidelines Regarding Appraisal Requirements Released

Some higher-priced mortgages will be exempt from certain appraisal requirements following the issuance of a final rule by six financial regulatory agencies. In order to make sure a loan is sound, a physical visit with written appraisal must be made to see the interior of a home prior to making the loan. Appraisal requirements established by the Dodd-Frank Act for manufactured housing vary according to who owns the land: “Loans secured by an existing manufactured home and underlying land will be exempt only from the requirement that an appraiser visit the home’s interior,” according to what the Manufactured Housing Institute (MHI) reports to MHProNews, based upon National Mortgage Professional. This rule will not take effect until July 2015, which will allow creditors time to comply without harming access to affordable housing possibilities. If financing is secured by the manufactured home only, lenders will be able to use other valuation methods without an appraiser.

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