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Appraisals used for non-MIRE reasons

Home Forums Equal Credit Opportunity Act/Regulation B Appraisals used for non-MIRE reasons

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  • #4078
    HMDA Guy 78
    Participant

    If an institution orders an appraisal or valuation outside of a credit action (such as to be used by the Criticized Asset Committee or for a Fas 114 analysis), are we required under any current regulations to provide the customer with a copy of this appraisal or valuation? I am under the assumption that we would not be, since we are not using the appraisal with any type of M.I.R.E. loan transactions, but wanted to verify. Also – does your answer change at all with the 2014 appraisal rule changes?

    Thanks for your help!

    #4084
    rcooper
    Keymaster

    IMO, you would not be required to provide a copy an appraisal in the situation you described. The ECOA appraisal rule pertains to valuations in connection with an application. And both the ECOA valuation rule and Reg Z HPML rule refer to “consummation” of the transaction in the timing requirements.

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