Description
This course explains the Regulation B requirements that creditors provide applicants free copies of appraisals and other written valuations developed in connection with an application for a loan to be secured by a first lien on a dwelling. It also explains when and how lenders must notify consumer mortgage applicants of their right to receive copies of appraisals.
What You’ll Learn
After completing this course, students will be able to:
- Define valuation as used in Regulation B
- Explain Regulation B’s requirements to provide copies of appraisals and other valuations
- Describe the timing requirements to provide appraisal copies to loan applicants
- Explain when loan applicants may waive the right to receive a copy of an appraisal within prescribed time frames
- Explain the requirements to notify loan applicants of their right to copies of appraisals and other valuations
- Identify permissible and prohibited fees for providing copies of appraisals or other valuations
