|
 |
Appraisal Requirements in the Construction Phase
Answer by Dan Persfull, BOL Guru
Guru Bio
Question: Reg B 202.14(a) says that the appraisal requirements apply to any loan secured by a lien on a dwelling. Does this apply to the construction phase? In other words, does this need to be provided to the customers even though the dwelling has not been constructed yet?
Answer: From the cite you reference: (a) Providing appraisals. A creditor shall provide a copy of an appraisal report used in connection with an application for credit that is to be secured by a lien on a dwelling. You had an appraisal done on what the dwelling will be valued at upon completion and your loan will be secured by the dwelling.
First published on BankersOnline.com 5/12/08
Privacy Policy Disclaimer Recommend This Site ! Contact Us
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
|
|
|
Print Friendly!
Email This Article!
Discuss NOW!