Tag: valuations

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CFPB’s Proposed Rule on Receiving a Copy of Your Appraisal and Valuation

CFPB’s Proposed Rule on Receiving a Copy of Your Appraisal and Valuation

By: Nanci L. Weissgold, Kerri M. Smith

Although Congress mandated the sunset of the Home Valuation Code of Conduct (HVCC) in the Dodd-Frank Act, Congress effectively codified many of its requirements, including the obligation to furnish a copy of an appraisal to borrowers. To implement this statutory change to ECOA, the CFPB proposes to amend Regulation B to make the furnishing of “any and all written appraisals and valuations” developed in connection with the application for a first-lien loan mandatory, rather than at the consumer’s request. Comments to the ECOA proposed rule are due on October 15, 2012.

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