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Home >> Lending
Do I Need Appraisal Report for Vehicle?
Under ECOA, is an appraisal report required for an RV? The regulation defines a dwelling as a mobile or manufactured home, but it's not really clear whether that includes an RV, whether it's affixed to land or not. How do I know whether a lien on an RV would warrant the providing of an appraisal report?
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 Reg B, which implements the Equal Credit Opportunity Act, doesn't require that there be an appraisal, but that if there is one on a dwelling, then it must be made available to the applicant. You are correct in that an RV is not defined as a dwelling, one way or the other, but the bottom line would be if a lender wants an appraisal of some sort they will have to have it. An RV may be in a Kelly Blue Book or NADA valuation guide, but because of the variety of options available a more precise valuation may be necessary from a knowledgeable expert. As a lender, we'd offer a copy of that to the applicant to verify that what was listed as options and conditions was true and correct.
Published on BankingQuestions.com 8/04/09
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