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Appraisal Requirements in the Construction Phase

Answered by: 
Dan Persfull

Question: 
Reg B 202.14(a) says that the appraisal requirements apply to any loan secured by a lien on a dwelling. Does this apply to the construction phase? In other words, does this need to be provided to the customers even though the dwelling has not been constructed yet?
Answer: 

From the cite you reference: (a) Providing appraisals. A creditor shall provide a copy of an appraisal report used in connection with an application for credit that is to be secured by a lien on a dwelling.<?i> You had an appraisal done on what the dwelling will be valued at upon completion and your loan will be secured by the dwelling.

First published on BankersOnline.com 5/12/08

First published on 05/12/2008

Filed under: 
Compliance
Filed under compliance as: 
Appraisal
Lien

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