From the Archives: September 2013

NCUA REGULATORY ALERT: CFPBs New Rule on Real Estate Appraisals and Other Written Valuations under 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:

  1. 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
  2. Provide a free copy of these appraisals and written 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days before the loan closes, (whichever is earlier) regardless of whether credit is extended, denied, incomplete, or withdrawn.

As part of the new ECOA Valuations Rule, the Regulatory Alert goes on to provide:

Specifically within the Regulatory Alert, the NCUA included a link to the CFPB’s Small Entity Compliance Guide on the ECOA Valuations Rule for credit union reference.


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