Skip to content
BOL Conferences
Thread Options
#2091245 - 08/03/16 02:10 PM Reg B Appraisal Rules
SallyGirl Offline
Member
Joined: Aug 2014
Posts: 87
If the property is to be determined, is the appraisal notice still required to be provided within 3 days of receiving the application?

Return to Top
Interagency (Reg Z) and CFPB Reg B Appraisal Rules
#2091257 - 08/03/16 02:45 PM Re: Reg B Appraisal Rules SallyGirl
fmissle Offline
Diamond Poster
Joined: Jul 2007
Posts: 1,016
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.

Return to Top
#2091282 - 08/03/16 03:23 PM Re: Reg B Appraisal Rules SallyGirl
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
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".
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2091390 - 08/03/16 06:08 PM Re: Reg B Appraisal Rules SallyGirl
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
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.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top