WASHINGTON (CN) - The Bureau of Consumer Financial Protection plans to make creditors provide free copies of written appraisals and valuations developed in connection with an application for a loan to be secured by a first lien on a dwelling.
The proposal also would require creditors to notify applicants in writing of the right to receive a copy of each written appraisal or valuation at no additional cost.
The BCFP's new rule amends Regulation B, which implements the Equal Credit Opportunity Act, and the official interpretation to the regulation, which interprets the requirements of Regulation B.
The proposed revisions to Regulation B would implement an ECOA amendment on appraisals enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Generally, most public comments are due by Oct. 15.
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