New ECOA rule means collateral valuation pipelines may be leaking

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Homes American 900 properties Rent 4 acquires. – Credit ratings and research help investors analyze the credit risks associated with fixed-income securities.New ecoa rule means collateral valuation pipelines may be leaking The Equal Credit Opportunity Act valuations rule, which mandates that all borrowers confirm statements prior to receiving an electronic copy of any appraisal report, takes.

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Mercury Network has launched automated compliance for lenders and AMCs, and also creates a full audit trail to prove compliance with the new regulation. The new ecoa valuations rule essentially requires that the lender or AMC notify all borrowers of several key issues before electronically delivering any appraisal report.

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— Download HMDA and the Regulation B Clock as PDF –Financial institutions (FIs) sometimes struggle with HMDA because a structured lending process compliant with Regulation B and the Reg B clock (the timeline for action taken) is not in place. Good procedures can save everyone time and avoid violations.

pipeline that should be reflected in its rate of return on equity.12 The Commission has also recognized that in cases of new construction, particularly project-financed 9 See Tennessee Gas Pipeline Co., 102 FERC 61,075 at P 41, order on reh’g, 103 FERC 61,275 at P 40-41 (2003), PG&E Gas Transmission, Northwest Corp.,

Safety and Soundness Ofce of the Comptroller of the Currency. there are new rules for high-cost and higher-priced mortgages (2013 Home. the availability of appraisals and other valuations (Equal Credit Opportunity Act [ECOA] Valuations Rule); and the compensation of mortgage loan.

Otherwise, ECOA section 701(e)(3) might be interpreted as distinguishing between one type of valuation (an “appraisal”) whose cost may be reimbursed by applicants, and all other types of valuations whose cost may not be reimbursed by the applicant.

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Many in the industry are already aware of the new ECOA Valuations Rule as it pertains to providing copies of all valuations to the borrower. However, some may be missing the critical new borrower acknowledgements needed when the appraisal is sent electronically. The ECOA Valuation Rule requires that lenders