The Regulation B appraisal requirements apply to any loan application (business or consumer purpose) that is or will be secured by a first lien on a 1-4 family dwelling. The first thing you are required to do is notify an applicant of their right to receive a copy of any appraisal. This must be done within three business days of receiving a covered application or within three business days after learning an application will be secured by a first lien on a 1-4 family dwelling. The second part is actually providing the free copy to the applicant.
Jerod explains more in the video.
Ready to learn more? JOIN US for our webinar, “Regulations B & Z Appraisal Requirements.” Featured topics include:
- What’s a “Valuation” & What Does it Trigger?
- Notification Requirements
- Delivering “Free” Copies of Appraisals
- Regulation B vs. Z: Differences & What they Mean for You
- All the HPML Appraisal Rules & How to Get Out of Them!
- Maintaining Independence
- Reasonable Compensation
- Answers to Your Questions & Much More!
Published
2022/06/16
