Q: If I get multiple versions of a valuation, do I have to send them all to the applicant?
A: The reference to providing copies of “all” appraisals and other written valuations does not refer to all versions of the same appraisal or other written valuation. If you get multiple versions of an appraisal or other written valuation, you have to give the applicant only the latest version.
If you give the applicant a copy of an appraisal or other written valuation and then you get a revised version of the same appraisal or written valuation, then you must send the updated version to the applicant as well. You cannot charge a fee for providing the copy of an updated valuation.
If you have only one version of an appraisal or other valuation, then the copy of that version is the one you give the applicant.
This Q&A was located in the CFPB's ECOA Valuations Rule Small Entity Compliance Guide (which may be updated from time to time) that can be found by accessing the Bureau's Mortgage Resources webpage, which may be found here: