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Ohio Administrative Code (Last Updated: January 12, 2021) |
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1301:9 Division of Financial Institutions: Credit Unions |
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Chapter1301:9-4. Appraisal Requirements for Mortgages and Home Equity Loans |
1301:9-4-06. First mortgage purchase money real estate loans
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(A) Notwithstanding the requirements of paragraphs (C) and (J)(4) of rule 1301:9-2-21 of the Ohio Administrative Code, when making first mortgage purchase money real estate loans on a one-to-four family dwelling that is the member's primary or secondary residence, an appraisal is required for loans greater than one hundred thousand dollars. The appraisal shall be made by a certified or licensed independent appraiser who has satisfied the requirements of Chapter 4763. of the Revised Code and applicable rules or other comparable statute. Appraisals for loans one hundred thousand dollars and under shall, as a minimum, be made by qualified staff personnel who have been approved by the board of directors and include a written report documenting the comparable sales and exterior inspection. Appraisals must be in writing, dated and signed. certified or licensed independent appraisers shall be paid the same fee whether or not the loan is granted. Sales price and loan information shall be withheld from the appraiser.
(B) Notwithstanding the provisions of paragraph (E) of rule 1301:9-2-21 of the Ohio Administrative Code, a credit union may make first mortgage real estate loans secured by liens not exceeding:
(1) The lesser amount of eighty per cent of the appraised value or eighty per cent of the sale price, if such real estate is unimproved or is improved by off-site improvements such as streets, sewers, water, or other activities;
(2) The lesser amount of eighty per cent of the appraised value or eighty per cent of the sale price, if such real estate is in the process of being improved by a one to four family dwelling; and
(3) The lesser amount of eighty per cent of the appraised value or eighty per cent of the sale price, if such real estate is improved by a one-to-four family dwelling.
(C) If requested by a credit union, the superintendent may approve a less restrictive real estate loan policy than provided by rule 1301:9-2-21 of the Ohio Administrative Code. The request shall be made in writing and include a copy of the proposed real estate loan policy and a certified copy of the resolution of the board of directors adopting the policy. The credit union must substantiate that it has the expertise, capital, management, and experience to implement the proposed policy.