CFPB Proposal Requires Free Appraisal Reports
Friday, September 21, 2012 at 7:46AM
Banking Spectrum in Consumer Lending

The CFPB issued a proposed rule that would require creditors to inform consumers of their right to receive a free copy of appraisal reports and home-value estimates within three days of applying for a mortgage loan. Creditors then would be required to provide the reports to consumers as promptly as possible, but no later than three days before closing -- regardless of whether credit is extended, denied, incomplete or withdrawn.

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