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

Published 08/09/2012 11:43 AM   |    Updated 06/27/2017 08:08 AM
Are NOVs required on IRRRL (Interest Rate Reduction Refinancing Loan) loans or only on purchase loans?
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.