A borrower applies for an HPML on Monday. The creditor orders an appraisal on Wednesday that is completed the following Tuesday. When must the appraisal be provided to the borrower?
Correct Answer
D) The earlier of promptly upon completion or 3 business days before consummation
Under TILA Section 1026.35(c)(4), appraisals must be provided promptly upon completion OR at least 3 business days before consummation, whichever is earlier. The creditor cannot delay providing the completed appraisal until just before consummation.
Why This Is the Correct Answer
Under TILA Section 1026.35(c)(4), appraisals must be provided promptly upon completion OR at least 3 business days before consummation, whichever is earlier. The creditor cannot delay providing the completed appraisal until just before consummation.
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Under the Homeowners Protection Act, PMI must be automatically terminated by what date, regardless of the loan-to-value ratio?
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A borrower receives a Loan Estimate on Monday and wants to lock their interest rate. The lender's rate lock policy requires a 4-business-day waiting period after Loan Estimate delivery. What is the earliest day the borrower can lock their rate?