Independent Appraisal - Notice Still Applicable?

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Question:

We have an independent appraisal from another institution. Does the notice of right to receive a copy of an appraisal still apply?

Answer:

There are no limitations based on where the appraisal was obtained: Sec. 202.14 Rules on providing appraisal reports. (a) Providing appraisals. A creditor shall provide a copy of an appraisal report used in connection with an application for credit that is to be secured by a lien on a dwelling.

First published on BankersOnline.com 2/23/09