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New Federal Guidelines Require Creditors to Provide Free Copies of Appraisals and Other Written Valuations

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In January 2014, the Consumer Financial Protection Bureau (CFPB) implemented its final rule requiring creditors to provide applicants free copies of all appraisals and other written valuations developed in connection with an application for a loan to be secured by a first lien on a dwelling.  The rule amended Regulation B, which implements the Equal Credit Opportunity Act, to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).  Prior to the new rule, creditors would provide copies of appraisals only upon an applicant’s request. … Read More

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