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Estimated Value of Property on Application

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Question: 
If the customer doesn't provide an estimated value of property on the application, can the lender use a tax card? Must the estimated value of the property be written on the application?
Answer: 

First question:

37(a)(7) Sale price.

1. Estimated property value. In transactions where there is no seller, such as in a refinancing, § 1026.37(a)(7)(ii) requires the creditor to disclose the estimated value of the property identified in § 1026.37(a)(6) at the time the disclosure is issued to the consumer. The creditor may use the estimate provided by the consumer at application, or if it has performed its own estimate of the property value by the time the disclosure is provided to the consumer, use that estimate.

Second question: No

First published on 10/15/2017

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