Origination ActivitiesQuestion 243 of 400
Under the appraisal rules of ECOA/Regulation B, when must a lender provide the applicant a copy of the appraisal on a first-lien dwelling loan?
a.Promptly upon completion, or at least three business days before closing, whichever is earlier
b.Only if the borrower pays an extra fee
c.Only after the loan closes
d.Never; appraisals are confidential to the lender
Explanation
Under ECOA/Regulation B, a lender must provide a copy of appraisals and other written valuations promptly upon completion, or at least three business days before consummation, whichever is earlier. The applicant may waive the timing but still receives a copy.
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