CFPB final ECOA appraisal rule issued

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Among the flurry of mortgage-related final rules issued by the CFPB this month was a final rule to implement a Dodd-Frank amendment to the Equal Credit Opportunity Act that requires creditors to provide to a first lien mortgage applicant a copy of all written appraisals and valuations developed in connection with the application. The final rule, which revises the existing Regulation B requirements for providing copies of appraisals to applicants, becomes effective on January 18, 2014. It will apply to first lien mortgage transactions for which a creditor receives an application on or after this date. For more details on the rule, see our legal alert.

Topics:  Appraisal, CFPB, ECOA, Mortgages

Published In: General Business Updates, Consumer Protection Updates, Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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