Re: Copy of Appraisal on existing loan


If you order a new appraisal or valuation for a renewal then you need to give a copy of that appraisal/valuation.
The commentary to the revised 1002.14(a)(1) states:
2. Renewals. Section 1002.14(a)(1) applies when an applicant requests the renewal of an existing extension of credit and the creditor develops a new appraisal or other written valuation. Section 1002.14(a)(1) does not apply to the extent a creditor uses the appraisals and other written valuations that were previously developed in connection with the prior extension of credit to evaluate the renewal request.
If you’d like to take a closer look, Regulation B and the commentary can be accessed here: