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Does my bank have to provide the appraisal notice required under Regulation B for a loan renewal?

It depends on whether the bank is relying on an existing appraisal or creating a new one. Generally, §1002.14(a)(2), requires creditors to provide a notice of the right to receive a copy of all written appraisals developed in connection with the application.

Comment 2 to §1002.14(a)(1)-clarifies that, for renewals, the appraisal notice requirement applies when an applicant requests the renewal of an existing extension of credit and the creditor develops a new appraisal or other written valuation. It does not apply if a creditor uses an appraisal developed in connection with a prior credit application. (January 2018)

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