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2nd Appraisal Rule on HPMLs

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  • #4970
    rcooper
    Keymaster

    Originally posted in Compliance Masters Group Forum by TheBank:

    If a 2nd appraisal is requried on an HPML, the timing requirement still applies, correct? That the appraisal must be provided promptly upon completion but not no later than 3 days prior to loan closing?

    #4971
    rcooper
    Keymaster

    Yes, the timing requirements still apply.

    1026.35(c)(6) Copy of appraisals. (i) In general. Except as provided in paragraph (c)(2) of this section, a creditor shall provide to the consumer a copy of any written appraisal performed in connection with a higher-priced mortgage loan pursuant to paragraphs (c)(3) and (c)(4) of this section.

    (ii) Timing. A creditor shall provide to the consumer a copy of each written appraisal pursuant to paragraph (c)(6)(i) of this section:

    (A) No later than three business days prior to consummation of the loan; or

    (B) In the case of a loan that is not consummated, no later than 30 days after the creditor determines that the loan will not be consummated.

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