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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: loantech who wrote (61745)	10/18/2008 2:49:20 PM
From: Valuepro	Read Replies (1) \| Respond to of 78411

"Not familiar with de minimis levels myself." De minimis (DM) levels are the values below which a formal appraisal is not required. Naturally, there is some level of loan-to-value ratio that doesn't make sense to require all the paper work and cost of a typical mortgage loan. As I said, that number was raised to $10,000 just before reforms were put into place under FIRREA (Financial Institutions Recovery, Reform and Enforcement Act - the S&L "bailout" bill). Then, with steady pressure from bankers, COC agreed to increasing DM levels topping out about 10 years ago at $250,000.00. Therefore, a lender had the option of accepting alternative (read free or very cheap) evidence of value and other documentation for loans within the DM level. Loans above this amount required traditional appraisals, though documentation was dropped under the pretext that it discriminated against people of color and/or those with low incomes.