Providing Copy of Appraisal to Applicants
Question: Do we have to give applicants a copy of the appraisal even if they did not pay for it? Regulation B says that the appraisal shall be mailed "promptly after the creditor receives an applicant's request, receives the report, or receives reimbursement from the applicant for the report, whichever is last to occur." We read this as meaning that until the customer pays for the report, we do not have to provide them a copy.
Answer: The requirement to provide a copy of the appraisal is not conditioned upon whether the customer has paid for it. The obligation to provide a copy is absolute. The section that you cite in your question is a timing rule. It should not be read as a requirement or condition for providing the appraisal copy.
Copyright © 2005 Compliance Action. Originally appeared in Compliance Action, Vol. 10, No. 12, 10/05
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