ALEXANDRIA, Va. – The NCUA Board approved a final rule on appraisals and a Temporary Corporate Credit Union Stabilization Fund budget reduction of 8.9% at Thursday's meeting.
"The final rule amends §701.31(c)(5) to eliminate the duplicative requirement that federal credit unions make available, to any requesting member/applicant, a copy of the appraisal used in connection with that member's application for a loan secured by a first lien on a dwelling," according to the NCUA board action memorandum.
The final rule also changes §722.3(a)(5) by expanding the current exemption of credit for certain transactions, which would allow an FICU to "refinance or modify a real estate-related loan held by the FICU in a declining housing market without having to obtain an additional appraisal."
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