12 CFR 128.11 – Nondiscriminatory appraisal and underwriting
Current as of: 2024 | Check for updates
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(a) Appraisal. No savings association may use or rely upon an appraisal of a dwelling which the savings association knows, or reasonably should know, is discriminatory on the basis of the age or location of the dwelling, or is discriminatory per se or in effect under the Fair Housing Act of 1968 or the Equal Credit Opportunity Act.
Terms Used In 12 CFR 128.11
- Appraisal: A determination of property value.
- dwelling: means a residential structure (whether or not it is attached to real property) located in a state of the United States of America, the District of Columbia, or the Commonwealth of Puerto Rico. See 12 CFR 128.1
- Equal Credit Opportunity Act: Prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, or because an applicant receives income from a public assistance program. Source: OCC
- savings association: means any Federal savings association as defined in 12 U. See 12 CFR 128.1
(b) Underwriting. Each savings association shall have clearly written, non-discriminatory loan underwriting standards, available to the public upon request, at each of its offices. Each association shall, at least annually, review its standards, and business practices implementing them, to ensure equal opportunity in lending.
See also, § 128.9(b), (c)(6), and (c)(7).