Appraisals Under the Equivalent Credit Chance Operate – Control B productive step 1/
Tuesday, December 31st, 2024The newest rule adds consumer defenses getting appraisals without a doubt closed-prevent high-priced mortgage loans (HPMLs), and additionally demanding financial institutions to add particular disclosures and you can a free of charge backup of one’s assessment to individuals. (Loan providers may charge borrowers a charge to perform an assessment however, dont charge you to possess providing a duplicate.) The fresh new rule plus requires 2nd appraisals to have flips in certain situations. (more…)
