New Consumer Protection Laws Effective January 18, 2014

The loss of trust and investment safety experienced by our American consumers with regard to mortgage mishaps, has not been taken lightly.  The relatively new Consumer Financial Protection Bureau (CFPB) oversees new changes that have been instituted as a portion of the Dodd-Frank Laws.

Under the Jan. 18 rule, a lender:

• has three days after a mortgage application is submitted to tell an applicant that he or she will “promptly get a copy of any appraisal”

• must provide a free copy of any valuation, which may include many commonly used reports, such as an appraisal report, an automated valuation model report, or a broker price opinion

• has to give an applicant the copies “promptly after the reports are completed” or three days before the loan closes, whichever is earlier

• has to provide the copies promptly even if your loan doesn’t close

• may charge an applicant a “reasonable fee for the cost of the valuation”

• can ask an applicant to waive the three-day deadline if the applicant agrees; in that case, the copies would be provided at closing

Buyers who don’t waive their right to early documents should receive a copy of the appraisal earlier in the process, giving them more time to review the underlying data the appraiser used.

The new rule applies only to first liens, including construction loans and reverse mortgages. It does not apply to second mortgages or home equity loans.

If you require a second opinion on the quality or validity of an appraisal.  We have appraisers who are available to help you by performing a formal appraisal review. These review appraisals can be taken to your lender in the event that you do contest the results of the appraisal performed by your lender’s chosen appraiser.



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Megan Johnson Judd


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Adam Judd

(407) 282-1600 *1

Cert Res RD 4142

Megan Judd

(407) 282-1600 *2

Cert Res RD 3035