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#1672953 - 03/05/12 02:22 PM Providing appraisals
Everest Offline
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Joined: Jan 2012
Posts: 282
If we do a modification to a loan we currently hold, meaning we do modification docs to the original note, not a new note. And we complete either a drive-by review or new appraisal. Do we have to provide the customer with a copy of the appraisal? The customer is not paying for this new appraisal.

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Lending Compliance
#1673313 - 03/05/12 08:03 PM Re: Providing appraisals Everest
Mrs. Rizzo Offline
10K Club
Mrs. Rizzo
Joined: Mar 2006
Posts: 10,392
Curled up by the fire...
Section 1002.14—Rules on Providing Appraisal Reports
14(a) Providing appraisals.

1. Coverage. This section covers applications for credit to be secured by a lien on a dwelling, as that term is defined in §1002.14(c), whether the credit is for a business purpose (for example, a loan to start a business) or a consumer purpose (for example, a loan to finance a child's education).

2. Renewals. This section applies when an applicant requests the renewal of an existing extension of credit and the creditor obtains a new appraisal report. This section does not apply when a creditor uses the appraisal report previously obtained to evaluate the renewal request.
Take responsibility for your life.

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