The CFPB has created a consumer guide that many lenders are probably not aware of. It is titled, “What the new ECOA appraisal and other valuations rule means for consumers.” Click Here to View Guide. It explains how the lender cannot discriminate because of race, color, national origin, sex, religion, marital status, age, income from public assistance, etc. It also explains that they should expect a free copy of any valuation promptly as completed or three days before the loan closes, whichever is earlier. One of the headlines is “Home valuation discrimination isn’t always obvious” with some details for the borrower. Finally, if the rules are not followed it tells them who to contact and how.
Valuation Management Group wanted to ensure that all our clients and partners are aware of this guide. Should you have questions about appraisal guidance, please give me a call. Vicky Thompson, CEO, Valuation Management Group.
Valuation Management Group is a national, full service appraisal management company that manages the appraisal process for community banks, mortgage bankers and credit unions. We take the process from ordinary to extraordinary.