Comments on: Consumer Financial Protection Bureau Proposes Rule to Improve Consumer Access to Appraisal Reports https://appraisersblogs.com/appraisal/consumer-financial-protection-bureau-proposes-rule-to-improve-consumer-access-to-appraisal-reports/ Appraisal News and Tips for Real Estate Appraisers Tue, 28 Aug 2012 18:07:03 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: Baggins https://appraisersblogs.com/appraisal/consumer-financial-protection-bureau-proposes-rule-to-improve-consumer-access-to-appraisal-reports/#comment-7390 Tue, 28 Aug 2012 18:07:03 +0000 http://appraisersblogs.com/?p=3275#comment-7390 Perhaps the good side of this is that AVM’s and BPO’s won’t be as relied upon for valuation, and will stay put where they belong. That only happens if the lender has to furnish those oftentimes unreliable price opinion and automatic value opinion results to the borrower. Borrower always gets a copy of the appraisal report, but as the definition of what is and what is not an appraisal is so diverse here to there; it makes good sense to inform the consumer of every instance of valuation and price development pertaining to their deal.

]]> By: TD https://appraisersblogs.com/appraisal/consumer-financial-protection-bureau-proposes-rule-to-improve-consumer-access-to-appraisal-reports/#comment-7344 Tue, 21 Aug 2012 03:14:17 +0000 http://appraisersblogs.com/?p=3275#comment-7344 ??????
I am so confused!!
Wasn’t this ALREADY a part of the EQUAL CREDIT OPPURTUNITY ACT??? What exactly is new about this? Here is the info from the ECOA;
Equal Credit Opportunity Act

Sec. 202.5a Rules on providing appraisal reports.

(a) Providing appraisals. A creditor shall provide a copy of the appraisal report used in connection with an application for credit that is to be secured by a lien on a dwelling. A creditor shall comply with either paragraph (a)(1) or (a)(2) of this section.
(1) Routine delivery. A creditor may routinely provide a copy of the appraisal report to an applicant (whether credit is granted or denied or the application is withdrawn).
(2) Upon request. A creditor that does not routinely provide appraisal reports shall provide a copy upon an applicant’s written request.
(i) Notice. A creditor that provides appraisal reports only upon request shall notify an applicant in writing of the right to receive a copy of an appraisal report. The notice may be given at any time during the application process but no later than when the creditor provides notice of action taken under Sec. 202.9 of this part. The notice shall specify that the applicant’s request must be in writing, give the creditor’s mailing address, and state the time for making the request as provided in paragraph (a)(2)(ii) of this section.
(ii) Delivery. A creditor shall mail or deliver a copy of the appraisal report promptly (generally within 30 days) after the creditor receives an applicant’s request, receives the report, or receives reimbursement from the applicant for the report, whichever is last to occur. A creditor need not provide a copy when the applicant’s request is received more than 90 days after the creditor has provided notice of action taken on the application under Sec. 202.9 of this part or 90 days after the application is withdrawn.
(b) Credit unions. A creditor that is subject to the regulations of the National Credit Union Administration on making copies of appraisals available is not subject to this section.
(c) Definitions. For purposes of paragraph (a) of this section, the term dwelling means a residential structure that contains one to four units whether or not that structure is attached to real property. The term includes, but is not limited to, an individual condominium or cooperative unit, and a mobile or other manufactured home. The term appraisal report means the document(s) relied upon by a creditor in evaluating the value of the dwelling.

NOTE: for complete text of entire ECOA;
https://web.archive.org/web/20210921021801/http://cardreport.com/laws/ecoa.html

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