01 Oct Could Appraisal Reports Eventually Be Free from Lenders?
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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