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BankersOnline.com Forums Dodd-Frank Final Rules Discussions Interagency (Reg Z) and CFPB Reg B Appraisal Rules Loan Prospector - Home Value Explorer (HVE)
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#1874409 - 11/26/13 05:42 PM Loan Prospector - Home Value Explorer (HVE)
donnac Offline
Platinum Poster
Joined: Feb 2003
Posts: 624
I've been asked if the HVE value returned on the Loan Prospector findings sheet is considered an evaluation under the new Reg B appraisal requirements & if we must provide this value to the applicant.

Do we have to provide this value to the applicant? If yes, how are you providing it? Are you providing a copy of the Loan Prospector findings?

Thanks.

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Interagency (Reg Z) and CFPB Reg B Appraisal Rules
#1874565 - 11/26/13 09:50 PM Re: Loan Prospector - Home Value Explorer (HVE) donnac
Indy Banker Offline
Platinum Poster
Joined: Aug 2010
Posts: 528
And we have found that the number changes during the underwriting process.

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#1877524 - 12/10/13 08:54 PM Re: Loan Prospector - Home Value Explorer (HVE) donnac
ComplianceRegs Offline
100 Club
Joined: Jan 2013
Posts: 169
I would like to pose a similar question regarding programs used for fraud detection (e.g., LoanSafe and other fraud detection programs). Would the pricing and appraisal information found within a program utilized for fraud prevention be considered a valuation?
_________________________
CRCM

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#1885362 - 01/10/14 06:34 PM Re: Loan Prospector - Home Value Explorer (HVE) donnac
MonicaMc Offline
100 Club
MonicaMc
Joined: Dec 2013
Posts: 238
Land of Oz
Originally Posted By: donnac
I've been asked if the HVE value returned on the Loan Prospector findings sheet is considered an evaluation under the new Reg B appraisal requirements & if we must provide this value to the applicant.

Do we have to provide this value to the applicant? If yes, how are you providing it? Are you providing a copy of the Loan Prospector findings?

Thanks.


We will be providing a copy of the LP feedback to every customer when an HVE shows up in LP.

(§ 1002.14(b)(3))
Automated valuation model reports used to estimate the property’s value

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