According to nationalmortgagenews, a final rule from the Consumer Financial Protection Bureau (CFPB) asserts mortgage applicants must be provided with all appraisal and and other home-value estimates by the lender before closing. Says CFPB director Richard Cordray, “This rule will guarantee consumers can receive important information on how a lender determines the value of the home.” In addition, if the seller purchased the property at a lower price during the previous six months, and the difference in price exceeds certain thresholds, then the lender has to obtain a second appraisal from a different appraiser at no cost to the prospective borrower. As MHProNews understands, the new rule takes effect Jan. 2014.

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