A borrower requests a copy of their appraisal report 5 days after loan closing. The lender had provided an appraisal summary during the loan process but not the full report. What is the lender's obligation?
Correct Answer
C) Must provide the report promptly without charge
Under Equal Credit Opportunity Act (ECOA), lenders must provide copies of appraisals to applicants promptly upon request and without charge, regardless of whether the loan has closed. This obligation extends beyond closing.
Why This Is the Correct Answer
Under Equal Credit Opportunity Act (ECOA), lenders must provide copies of appraisals to applicants promptly upon request and without charge, regardless of whether the loan has closed. This obligation extends beyond closing.
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Previous Question
An MLO presents a borrower with a conventional loan at 4.0% with 1 point, a conventional loan at 4.25% with 0 points, and a VA loan at 4.1% with 0.5 points. The borrower asks why no FHA options were presented. The MLO should:
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A borrower receives a Loan Estimate on January 5th. On January 12th, the lender discovers the borrower has an additional property not disclosed on the application. The lender provides a revised Loan Estimate on January 16th. Is this timing compliant?