Under HPML appraisal requirements, when is a second appraisal required for a property that was previously sold?
Correct Answer
A) If the property was sold within 180 days and the price increased by 20% or $10,000, whichever is less
Under TILA Section 1026.35(c)(4)(i)(A), a second appraisal is required for HPMLs when the seller acquired the property within 180 days and the current sale price exceeds the seller's acquisition price by more than 20% or $10,000, whichever is less.
Why This Is the Correct Answer
Under TILA Section 1026.35(c)(4)(i)(A), a second appraisal is required for HPMLs when the seller acquired the property within 180 days and the current sale price exceeds the seller's acquisition price by more than 20% or $10,000, whichever is less.
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