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#1852356 - 09/16/13 03:50 PM new ECOA appraisal rules
live4regs Offline
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Joined: Sep 2013
Posts: 6
Kansas
Because we have to provide copies of appraisals to our applicants atleast 3 days prior to closing, am I correct in thinking that we can no longer close a loan within 3 days? In the same scenario, we would not be able to obtain a waiver since those are required atleast 3 days before closing.

Assume this is a refinance of a commercial loan, secured by a 1-4 family dwelling in which we preformed an in-house evaluation to determine the property's value.

Surely we are not the only bank to turn around commercial loans this quickly from time to time?

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#1852536 - 09/16/13 07:34 PM Re: new ECOA appraisal rules live4regs
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
I would say,yes...those days are [soon to be] over.
Last edited by RR Joker; 09/16/13 07:35 PM.
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