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

April 26, 2017Interest rate irrrl loan Loans novs purchase reduction refinancing

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

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A NOV is only issued when an appraisal is performed. Since an IRRRL doesn’t require an appraisal, no NOV is issued. A cash-out re-finance does require an appraisal and thus a NOV is issued.