Q. Can a federally insured credit union use an appraisal prepared for another financial institution?
A. A credit union may accept an appraisal prepared by an appraiser engaged directly by another financial services institution, if:
Q. Must a credit union conduct a separate flood determination for each draw against a home equity line of credit secured by a building or mobile home located in a special flood hazard area ?
A. No. The credit union must conduct a flood determination before the loan is made. But draws against an approved line don’t require further determinations. Nevertheless, a request made for an increase in an approved line of credit might require a new determination, depending upon whether the credit union conducted a previous determination (the credit union may rely on a previous determination under certain circumstances).
Visit CUNA’s compliance blog— “CompBlog” —at cuna.org/compliance. Email email@example.com with questions or ideas for blog posts, and keep the conversation going with your peers on COBWEB, CUNA’s compliance listserv.