FORUM PROFILE

ECOA Valuations Rule and Commercial Cosntruction Builder Loans

Home Forums Equal Credit Opportunity Act/Regulation B ECOA Valuations Rule and Commercial Cosntruction Builder Loans

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • #6048
    rcooper
    Keymaster

    A question we received from one of our members:

    I am hoping you can provide me with some confirmation on a particular point with respect to the ECOA valuations rule that went into effect on 1/18/14. If we have a commercial construction builder with a first-lien construction loan on a dwelling, do we have three (3) business days to notify the applicant of the right to receive a copy of appraisals, enable them to waive the right to receive them 3 days prior to close and give them the appraisal at or prior to consummation or account opening? I am receiving push back on whether this applies to a commercial construction loan. Any assistance you can give would be greatly appreciated. Thanks in advance.

    #6051
    rcooper
    Keymaster

    You are correct, Regulation B coverage is not limited to consumer credit so if a commercial loan is secured by a first lien on a dwelling the valuation rules will apply.

    Jack’s Compliance Resource offers many products including policy and procedure updates, Director/Senior Manager Updates, Training Manuals, Flowcharts, Checklists and more. To access Jack’s Compliance Resource products visit our marketplace by clicking here:
    Jack’s Compliance Resource Marketplace

Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.