On December 12, 2013, The Federal Reserve Board, along with five other federal regulatory agencies, issued a final rule to exempt a subset of higher priced mortgage loans (HPML) from certain appraisal requirements.  Higher priced mortgage loans are loans secured by a borrower’s home and bearing interest rates higher than the average prime offer rate (APOR) for comparable properties and mortgages.  New exemptions include: loans of $25,000 or less and certain “streamlined” refinancings, loans secured by a new manufactured home and land and loans secured by… Read More