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Question 1 of 3
1. Question
A mortgage applicant applies for a first-lien residential loan. During the application process, the lender provides a disclosure informing the borrower of the right to receive copies of appraisals and other written valuations developed in connection with the transaction.
Which federal rule established this requirement?
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Question 2 of 3
2. Question
A lender orders a property appraisal during the underwriting process for a first-lien mortgage loan. Before the loan decision is made, the borrower withdraws the application. The lender believes the appraisal copy no longer needs to be provided because the loan was not completed.
Under the ECOA Valuations Rule, which statement is correct?
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Question 3 of 3
3. Question
A lender argues that only formal appraisals fall under the ECOA Valuations Rule and therefore internal written property evaluations are exempt from disclosure requirements.
During a CFPB examination, regulators determine the lender incorrectly interpreted the rule.
Which statement best reflects the ECOA Valuations Rule?
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