[Glo9372]

I have a question about the Notice of Right to Receive Copy of Appraisal…The new Dodd-Frank rules there is a Regulation B notice that prints but, on if a loan is exempt from the new appraisal rules; should the old Notice of Right to Receive Copy of Appraisal be given to the customer?

[rcooper]

You are only required to give the Reg B valuation/appraisal notice on loans secured by a first lien on a dwelling. There are HPML appraisal rules that also require a disclosure – this could include loans secured by a junior lien as well as first liens. If you have a loan that is covered by both the Reg B valuation rule and the HPML appraisal rule you can satisfy both disclosure requirements by providing the Reg B appraisal notice.

[Author]

Posts