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?
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).