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#2303671 - 11/27/24 08:20 PM Right to Receiive Copy of Appraisal on Refinance?
TeamComply Offline
Platinum Poster
Joined: Aug 2016
Posts: 571
No new appraisal is obtained, relying on an existing one. Is this notice (Right to Receive Copy of Appraisal) required to be given on the refinance (new loan)?

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Lending Compliance
#2303672 - 11/27/24 08:25 PM Re: Right to Receiive Copy of Appraisal on Refinance? TeamComply
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 85,246
Galveston, TX
On a refinance - yes.

2. Renewals. Section 1002.14(a)(1) applies when an applicant requests the renewal of an existing extension of credit and the creditor develops a new appraisal or other written valuation. Section 1002.14(a)(1) does not apply to the extent a creditor uses the appraisals and other written valuations that were previously developed in connection with the prior extension of credit to evaluate the renewal request.
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