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.
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