Federal Mortgage LawsQuestion 45 of 400
Under Regulation Z, when a creditor receives a mortgage application, it must provide the applicant with a copy of any appraisal or valuation:
a.Only if the borrower pays extra for it
b.Only after the loan closes
c.Promptly upon completion, or at least three business days before consummation, whichever is earlier
d.Never, unless the loan is denied
Explanation
Under the ECOA/Regulation B appraisal rule as harmonized with Regulation Z, creditors must provide copies of appraisals and other written valuations promptly upon completion or at least three business days before consummation, whichever is earlier, for first-lien dwelling loans. It is not conditioned on extra payment, delayed to after closing, or limited to denials. Borrowers may waive the three-day timing but still receive the copy.
Law Reference: ECOA / Regulation B (12 CFR 1002.14)Practice all 400 questions free — no signup required.
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