Lenders to Follow Useful New Rule on Appraisals

January 17, 2014
Daily Herald 
mortgage lending news
U.S. lenders now have to tell mortgage applicants that they are entitled to a free copy of whatever appraisals, reviews, computer valuations, and other data were used to calculate the amount they are willing to finance. The new rule, with oversight from the Consumer Financial Protection Bureau, will give buyers the time and clout to challenge appraisals that they believe are flawed.

The additional valuation data may include follow-up review appraisals by a second appraiser and "broker price opinions" provided at low cost by real estate agents.

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