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Thursday, August 16, 2012

CFPB to Improve Access to Appraisal Reports

The CFPB issued a Dodd-Frank Act-mandated proposed rule that would require creditors to inform consumers of their right to receive a free copy of appraisal reports and home-value estimates within three days of applying for a mortgage loan. This rule is in addition to the rule proposed yesterday by six federal financial regulatory agencies.

The proposed rule would required creditors to provide the reports to consumers as promptly as possible, but no later than three days before closing -- regardless of whether credit is extended, denied, incomplete, or withdrawn.

Under the proposed rule, creditors could charge reasonable fees associated with conducting appraisals and home value estimates. However, the rule would prohibit creditors from charging consumers fees for obtaining the reports.

Read the proposed rule.
Read a CFPB summary of the proposed rule.

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