Reply To: Appraisal Rules for Renewals


Reg B OSC 1002.14(a)(1)(2) states: Renewals. Section 1002.14(a)(1) applies when an applicant requests the renewal of an existing extension of credit and the creditor develops a new appraisal or other written valuation. Section 1002.14(a)(1) does not apply to the extent a creditor uses the appraisals and other written valuations that were previously developed in connection with the prior extension of credit to evaluate the renewal request.
There is no exemption from the HPML appraisal requirements for renewals.