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NCUA's Appraisal Rule Effective Jan. 20
Friday, January 9, 2015 6:30 AM

The revised rules to the National Credit Union Administration's regulations regarding appraisals (passed by the NCUA board at its December meeting) will become effective Jan. 20. The regulations were revised by the agency in response to a recent Consumer Financial Protection Bureau amendment to Regulation B.

The changes are:

  • Elimination of the requirement that federal credit unions make a copy available of an appraisal used in connection with an application for a loan secured by a first lien on a dwelling;
  • A requirement that the appraisal is to be available for 25 months after the applicant has received notice of the action taken by the credit union on the application;
  • Exempt from the appraisal requirement a transaction involving an existing extension of credit at the lending federally insured credit union; and
  • A technical amendment to the definition of "application" to align NCUA's definition with the CFPB's definition.