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#1999703 - 03/04/15 03:54 PM Appraisal Disclosures
LizzyP Offline
Junior Member
Joined: Jul 2006
Posts: 48
TX
On an Interim Construction Loan do we have to give the Right to Receive Copy of Appraisal disclosure? I think I am getting it confused from Reg B and Reg Z.
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#1999845 - 03/04/15 09:49 PM Re: Appraisal Disclosures LizzyP
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,704
Cape Cod
If the loan is secured by a first lien on a dwelling (your loan fits that description), the appraisal notice and copy requirements of Regulation B section 1002.14 apply. 1002.14(a)

The loan would be exempt from the Regulation Z HPML appraisal requirements as a "transaction to finance the initial construction of a dwelling." 1026.35(c)(2)(iv)

Comply with the Reg B requirement; ignore the Reg Z requirement.
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BankersOnline.com
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