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MANY CONSUMERS DON'T REALIZE THEY CAN OBTAIN COPIES OF THEIR REAL ESTATE APPRAISALS FROM LENDERS

 MANY CONSUMERS DON'T REALIZE THEY CAN OBTAIN COPIES
 OF THEIR REAL ESTATE APPRAISALS FROM LENDERS


California Banking Industry and Several Allies Attempting to Block

a State Bill that Would Make Consumers More Aware of Their Rights
 LOS ANGELES, July 20 /PRNewswire/ -- Many consumers, unfortunately, don't realize they can obtain copies of the residential real estate appraisals they paid for during the mortgage loan process, the California Association of REALTORS reports.
 "Consumers should take advantage of the federal law which states that anyone who pays for a residential appraisal is entitled to a copy of that appraisal," said C.A.R. President Chuck Lamb. "REALTORS believe homebuyers should be fully informed about all aspects of their real estate transactions -- and that includes information contained in appraisals which most homebuyers pay for during the mortgage loan process," said Lamb, a San Fernando Valley Realtor.
 "We strongly encourage every homebuyer to ask their lender for a copy of his or her appraisal," said Lamb. "It is extremely unfortunate that many members of the California financial services industry have been working in Sacramento to block legislation that would make consumers more aware of their rights with regard to appraisals," said Lamb.
 "Our association is actively seeking to inform consumers of their rights and to bolster the federal law which does not go far enough on the appraisal issue," said Lamb.
 The Federal Equal Credit Opportunity Act states that any consumer who pays for appraisal of a residential property is entitled to receive a copy of the appraisal. The federal law, however, does not require lenders to notify consumers that the appraisal is available upon request. Consequently, very few consumers realize they can obtain appraisals from lenders.
 A state bill sponsored by C.A.R. -- Senate Bill 492 (Leonard) -- would bolster the federal law by requiring California lenders to inform consumers that copies of appraisals are available upon request to those who pay for the appraisals.
 In addition, SB 492 would apply to both residential and commercial appraisals that are paid for by consumers. (The federal law applies only to residential property appraisals.)
 "The public should know that many lenders in this state apparently are not interested in making sure consumers know their rights when it comes to their appraisals," said Alexander E. Creel, C.A.R.'s vice president of governmental affairs. "The California Bankers Association and its allies have worked aggressively to kill SB 492, which simply calls for greater disclosure to consumers of their rights," said Creel.
 SB 492 already has been approved by the Senate. It was approved by the Assembly Consumer Protection Committee and was pending on the Assembly floor before it recently was withdrawn from consideration and moved to the Assembly Banking Committee.
 The California Association of REALTORS is a statewide trade association with 130,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
 -0- 7/20/92
 /CONTACT: Jeff Hershberger or Lotus Lou of the California Association of REALTORS, 213-739-8304/ CO: California Association of REALTORS ST: California IN: FIN SU:


JL -- LA002 -- 0671 07/20/92 11:00 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jul 20, 1992
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