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Re: Copy of Appraisal on existing loan

Home Forums Equal Credit Opportunity Act/Regulation B Copy of Appraisal on existing loan Re: Copy of Appraisal on existing loan

#2992
rcooper
Keymaster

If you order a new appraisal or valuation for a renewal then you need to give a copy of that appraisal/valuation.
The commentary to the revised 1002.14(a)(1) states:
2. Renewals. Section 1002.14(a)(1) applies when an applicant requests the renewal of an existing extension of credit and the creditor develops a new appraisal or other written valuation. Section 1002.14(a)(1) does not apply to the extent a creditor uses the appraisals and other written valuations that were previously developed in connection with the prior extension of credit to evaluate the renewal request.
If you’d like to take a closer look, Regulation B and the commentary can be accessed here:
https://www.ecfr.gov/cgi-bin/text-idx?c=ecfr&SID=8bc1ebae1cf15ad0ac732c3515a23b17&rgn=div5&view=text&node=12:8.0.2.10.1&idno=12