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CFPB releases appraisal rule for lenders
January 18th, 2013 9:23 PM

A new Consumer Financial Protection Bureau rule requires lenders to provide mortgage applicants with free copies of appraisals and other home value estimates. The CFPB announced final adoption of the rule Friday.

Under the rule, creditors are required to inform consumers within three days of receiving a loan application of their right to receive copies of the appraisal. Furthermore, creditors are required to provide appraisal copies and other home valuations to consumers at least three days before closing.

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Posted by Teresa Molina on January 18th, 2013 9:23 PMPost a Comment

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