An appraisal on a first-lien purchase of the applicant's home is completed 18 days before the scheduled consummation. The applicant has not asked for a copy.
Correct Answer
C) Deliver it promptly, and in any case 3 business days before closing
Copies of appraisals and other written valuations go out promptly upon completion, or 3 business days before consummation, whichever is earlier, and the duty does not wait on a request. Other choices: making it request-driven inverts the rule; delivering at the table defeats the point of letting the applicant read it first; and a post-closing copy is far too late. Source: 12 CFR 1002.14(a)(1)
Why This Is the Correct Answer
Copies of appraisals and other written valuations go out promptly upon completion, or 3 business days before consummation, whichever is earlier, and the duty does not wait on a request. Other choices: making it request-driven inverts the rule; delivering at the table defeats the point of letting the applicant read it first; and a post-closing copy is far too late. Source: 12 CFR 1002.14(a)(1)
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