2014 DC Home Loan & Appraisal Changes: Will They Hurt You?
Changes to the Equal Credit Opportunity Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 implemented January 18th are designed to provide borrowers with more free information on their appraisals, including;
- Appraisal copy without request
- Reviews used by the appraiser to determine values
- Computer valuations and other data utilized to determine value.
Consumers are entitled to receive the material “promptly” following appraisal report completion, or three days prior to loan closing, whichever is earlier. Lenders must inform borrowers of these new rights within three (3) business days following receipt of mortgage application.
Follow-up review or “secondary” appraisals, multiple “automated” valuations and BPOs (Broker Price Opinions” provided to lenders by real estate agents are not subject to disclosure. Disclosure requirements are limited to First Trust mortgage loans, including reverse mortgages and construction loans.
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