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#2091245 - 08/03/16 02:10 PM Reg B Appraisal Rules
SallyGirl Offline
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Joined: Aug 2014
Posts: 72
If the property is to be determined, is the appraisal notice still required to be provided within 3 days of receiving the application?

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Interagency (Reg Z) and CFPB Reg B Appraisal Rules
#2091257 - 08/03/16 02:45 PM Re: Reg B Appraisal Rules SallyGirl
fmissle Offline
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Joined: Jul 2007
Posts: 999
Pac NW
We've had an occasion where that happened and we just sent it anyway. The notification doesn't specify the address, so it really doesn't matter. It's easy enough with our process to do it that way, so I just went with better safe than sorry.

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#2091282 - 08/03/16 03:23 PM Re: Reg B Appraisal Rules SallyGirl
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,951
Galveston, TX
1002.14—Rules on providing appraisals and other valuations.

(a) Providing appraisals and other valuations. (1) In general. A creditor shall provide an applicant a copy of all appraisals and other written valuations developed in connection with an application for credit that is to be secured by a first lien on a dwelling.

Notice it says "is to be secured".
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#2091390 - 08/03/16 06:08 PM Re: Reg B Appraisal Rules SallyGirl
John Burnett Online
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John Burnett
Joined: Oct 2000
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Cape Cod
If the intent at the outset is that an extension of credit will be secured by a first lien on a dwelling, that's enough to trigger the requirement for the appraisal copy and, within three business days of receipt of the application, the notice. That's true whether the specific dwelling (address) has been identified or not.
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John S. Burnett
BankersOnline.com
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