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New ECOA Valuation Rule Apply to Home Builders?

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Question: 
Regarding the new ECOA Valuation Rule that amends the appraisal provision of ECOA's Regulation B. Would it apply to home builders? I can't find anything in the regulation that it wouldn't.
Answer: 

It is clear that the requirement applies to home builders when the loan in question is or will be secured by a dwelling. However, it would not apply when the security for the loan is or will be a group of dwellings such as a condominium complex (as opposed to an individual condo unit) or a group of 1-4 family residential structures (such as a builder's development).

First published on 06/09/2014

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