CFPB Proposal Requires Free Appraisal Reports

The CFPB issued a proposed rule that would require creditors to inform consumers of their right to receive a free copy of appraisal reports and home-value estimates within three days of applying for a mortgage loan. Creditors then would be required to provide the reports to consumers as promptly as possible, but no later than three days before closing -- regardless of whether credit is extended, denied, incomplete or withdrawn.