What are Reg B requirements?
Regulation B requires that banks provide a copy of the appraisal report used in connection with an application for credit to be secured by a lien on a dwelling. A bank may provide the copy either routinely (whether or not credit is granted or the application is withdrawn) or upon an applicant’s written request.
What activities are covered under Reg B?
Regulation B covers the actions of a creditor before, during, and after a credit transaction. The CFPB lists credit transactions and aspects of credit transactions to include consumer credit, business credit, mortgage, and open-end credit.
What is CFPB regulation B?
In January 2013, the CFPB amended Regulation B to reflect the Dodd-Frank Act amendements requiring creditors to provide applicants with free copies of all appraisals and other written valuations developed in connection with all credit applications to be secured by a first lien on a dwelling.
Does regulation B apply to credit cards?
The Equal Credit Opportunity Act and Regulation B apply to all credit–commercial as well as personal-without regard to the nature or type of the credit or the creditor, except for an entity excluded from coverage of this part (but not the Act) by section 1029 of the Consumer Financial Protection Act of 2010 (12 U.S.C.
Does regulation B apply to deposit accounts?
ECOA/Reg B – Consumer Notices (Applications for Credit with or without a consumer report and Deposit Accounts with credit features where a consumer report is used). ECOA/Reg B does not apply to applications for deposit accounts where there is no credit feature.
Does Reg B only apply to personal loans?
Can you close the same day as clear to close?
You cannot close on a house the same day you get clear to close. You won’t need to wait too long, but it will take at least 3 days before you can close.
Does Saturday count for Trid?
The three-day rule applies to business days, including Saturdays. But Sundays and Nationally recognized holidays do not count. This means you may technically have more than three days before closing to review the document.