An MLO is reviewing procedures for a case where a first-lien appraisal is complete before closing. What is the proper handling?
Correct Answer
A) Provide valuation copies promptly or three business days before closing
Lines 42-54; 12 CFR 1002.14(a)(1). Regulation B requires timely copies of appraisals and written valuations for covered first-lien dwelling applications. Therefore, the correct response is "Provide valuation copies promptly or three business days before closing".
Why This Is the Correct Answer
Lines 42-54; 12 CFR 1002.14(a)(1). Regulation B requires timely copies of appraisals and written valuations for covered first-lien dwelling applications. Therefore, the correct response is "Provide valuation copies promptly or three business days before closing".
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