Let's thank the CFPB for another new rule. Just this month, they introduce the new requirement for lender's to qualify buyer based on their ability to repay. Just recently, they announced that lender will provide a free copy of appraisal and other home value estimates to mortgage applicants. This sounds like a great rule to me!
Within three days of receiving a loan application, creditors will inform consumer of their right to receive copies of the appraisal. Better yet, creditors would be required to provide appraisal copies and other home valuations to consumer at least three days before closing.
Within three days of receiving a loan application, creditors will inform consumer of their right to receive copies of the appraisal. Better yet, creditors would be required to provide appraisal copies and other home valuations to consumer at least three days before closing.
How is this different with today's appraisals?
simple. Today, consumers pay for appraisals but the current law does not require lenders to send appraisal copies unless the homeowners request it.
so if you are currenlty in escrow and using lending to finance your home.... request a copy of the appraisal report! It's your right.
As for this new rule... it will take effect in January 2014 and will apply to first-lien mortgages.
Until then....get your free appraisal copy.
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