The Consumer Financial Protection Bureau (CFPB) has released a proposed rule that would require mortgage lenders to provide home loan applicants with copies of written appraisals and other home value estimates developed in connection with the application. The rule would ensure that consumers receive information prior to closing about how the property’s value was determined.

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but no later than three days before closing, regardless of whether credit is extended, denied, incomplete, or withdrawn.

The public has until October 15 to review and provide comments on the proposed rule. The CFPB will review and analyze the comments before issuing a final rule in January 2013.

CFPB PROPOSED RULE

SUMMARY OF CFPB PROPOSED RULE

CFPB PRESS RELEASE

 

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