Representatives of the American Bankers Association and the Mortgage Bankers Association recently met with the CFPB to discuss the applicability of the Equal Credit Opportunity Act appraisal rule to certain business purpose loans secured by multifamily dwellings or inventories of homes. According to the industry’s account of the discussions, CFPB staff stated that while the ECOA appraisal rule is applicable to personal and business purpose applications for credit, the rule is intended to exclude applications for credit involving...