NCUA REGULATORY ALERTS: CFPB’s New Rule on Real Estate Appraisals and Other Written Valuations under the ECOA
The Regulatory Alert 13-RA-07 reminds credit unions receiving applications for first lien loans secured by a dwelling on or after Jan. 18, 2014, that they must:
- Notify applicants in writing within three days of receiving the application that they have the right to receive copies of all appraisals and written valuations; and
- Provide a free copy of these appraisals and valuations developed in connection with the loan application, promptly after they are completed, or three days before the loan closes, (whichever is earlier) regardless of whether credit is extended, denied, incomplete or withdrawn.
The NCUA Regulatory Alert can be found here.