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Reply To: Reg B Appraisal Rules – E-Sign

#5257
tstrait
Participant

The Consumer Compliance Outlook Fourth Quarter 2013 that I received Friday included an artical on E-Sign. Here is a excerpt that addresses appraisals.

The Dodd-Frank Act amended the ECOA’s notice requirements for appraisals effective January 18, 2014. Under the amendment, a creditor must notify an applicant
for a first-lien mortgage loan that the creditor may order an appraisal or other written valuation to determine the value of the property securing the loan
and will promptly provide the applicant with a copy, even if the loan is not consummated. The appraisal or valuation may be provided electronically subject to compliance with the E-Sign Act’s consent provisions, while the notice may be provided without regard to the consent requirements.