ECOA Valuations

Effective January 18, 2014 The Equal Credit Opportunity Act (ECOA)/Regulation B Valuations Rule requires creditors to provide applicants free copies of all appraisals and other written valuations developed in connection with an application for a loan secured by a first lien on a dwelling. It also requires creditors to notify applicants in writing that copies of appraisals will be provided to them promptly. 


  • Within three business days of receiving a member’s application, the credit union has to notify the applicant of the right to receive a copy of their appraisal(s).
  • Promptly share copies of appraisals and other written valuations (upon completion or at least three business days before consummation (closed end credit) or account opening (open end credit) whichever is earlier.
  • Member can waive the right to receive copies of the appraisal/valuations in advance of closing, but you must still deliver the copies at or prior to closing.


Valuations rule does not cover:

  • Second/subordinate liens
  • Loans not secured by a dwelling (land)

Back to CFPB Mortgage Compliance Center


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