Appraiser News
FREE PREVIEW
|
LOGIN OR SUBSCRIBE NOW TO READ THIS ARTICLE
|
Group backs appraisal proposals in face of new requirements
|
Wednesday, September 3, 2014
|
|
A trade group representing federal credit unions backed the National Credit Union Administration’s (NCUA) plan to amend certain rules regarding appraisals. In late June, NCUA proposed a rule revising two appraisal-related regulations to reduce regulatory burden and reflect certain Consumer Financial Protection Bureau (CFPB) requirements.
Lender-furnished appraisals
Lenders are required to provide mortgage applicants with free copies of all appraisals and other home-value estimates under CFPB amendments to Regulation B that took effect Jan. 18. In finalizing its proposal, the CFPB scrapped provisions of a 1993 Federal Reserve rule that exempted credit unions from certain appraisal delivery requirements. Therefore, in addition to the CFPB’s appraisal-related requirements, federal credit unions currently are obligated under NCUA rules to make copies of appraisals available to their members for up to 25 months.
TO READ THE FULL STORY
|
|
Already a subscriber?
Problems logging in?
Please call 330-659-6101 x 805 or email us for assistance.
|
|
Today's other top stories