Posted By: Bama Blondie
What should be provided to customer for compliance - 05/12/15 04:55 PM
New appraisal not obtained and publically available information not available as new condo project. Lender has recently made loan to a different customer for 2 of the 4 units in this condo building. What is required to be given to customer on how value was determined?
Posted By: Adam F
Re: What should be provided to customer for compliance - 05/12/15 05:09 PM
Regulation B requires a copy of all appraisals or written valuations developed in connection with the application to be provided to the customer promptly upon completion if the credit is to be secured by a 1st lien on a dwelling.
Now from your comments. It sounds like a new appraisal was not order. So if the bank developed any written valuations then you would provide those to the customer. If nothing was developed then nothing has to be given.