Home / FAQs / Are NOVs required on IRRRL (Interest Rate Reduction Refinancing Loan) loans or only on purchase loans?

Are NOVs required on IRRRL (Interest Rate Reduction Refinancing Loan) loans or only on purchase loans?

When an evaluation or appraisal is conducted, a NOV is declared. NOV is not issued as an appraisal and it is not required by IRRRL. An appraisal is required for a cash-out re-finance and that’s why, a NOV is delivered.

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