CV Escrow | Could Appraisal Reports Eventually Be Free from Lenders?
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Could Appraisal Reports Eventually Be Free from Lenders?

01 Oct Could Appraisal Reports Eventually Be Free from Lenders?

Posted at 00:00h in Real Estate News by
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Right now, consumers are usually charged for appraisal costs, but that might be changing. The Consumer Financial Protection Bureau (CFPB) recently proposed a new rule that would require mortgage lenders to provide free appraisal reports to applicants. The report would offer a deeper look at how the value of the property was determined.

Additionally, many consumers have to request access to the report from creditors who often charge a fee. The new rule would still allow lenders to charge a reasonable fee to conduct the appraisal and assist them with their lending decision, but they would no longer be able to charge for providing a consumer with a copy of their own report.

Adds CFPB director Richard Cordray, “When looking to buy a home or refinance a mortgage, consumers need the best available facts and data. This rule would guarantee consumers receive important disclosures on how a lender determines the value of the home, making it easier for loan applicants to make informed decisions.”

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