HPML Appraisal Exemption

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  • #4473

    A question from a member:

    Am I interpreting this correctly that if it is one of the exemptions highlighted below, I am not required to obtain an appraisal?

    § 1026.35(c)(2)
    The requirements in paragraphs (c)(3) through (6) of this section do not apply to the following types of transactions:
    (i) A qualified mortgage as defined in 12 CFR 1026.43(e).
    (ii) A transaction secured by a new manufactured home.
    (iii) A transaction secured by a mobile home, boat, or trailer.
    (iv) A transaction to finance the initial construction of a dwelling.
    (v) A loan with maturity of 12 months or less, if the purpose of the loan is a “bridge” loan connected with the acquisition of a dwelling intended to become the consumer’s principal dwelling.
    (vi) A reverse-mortgage transaction subject to 12 CFR 1026.33(a).


    That is what it says in regard to HPML requirements, but keep in mind that your internal policy probably requires that you obtain appraisals on most loans and you also need to comply with the Interagency Appraisal and Evaluation Guidelines.

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