Reg B: Appraisals and Other Valuations
Course Number: ABA
Course Code: n/a
Explains the Regulation B requirements that creditors provide applicants with free copies of all appraisals and other written valuations developed in connection with an application for a loan to be secured by a first lien on a dwelling. Explores the requirements for notifying applicants in writing that copies of appraisals will be provided to them promptly.
What You’ll Learn
After completing this course, students will be able to:
- Define “valuation” for Regulation B purposes
- Explain banks’ obligations to provide copies of appraisals and other valuations when they are obtained in connection with certain mortgages, including the timing and delivery of such copies
- Explain how to comply when there are multiple versions of or corrections to an appraisal or other valuation
- Describe the appraisal notice requirements
Audience: Bank personnel who take and process loan applications.