Appraisal Right Notice On A Commercial Loan

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Appraisal Right Notice On A Commercial Loan
by: John Burnett, BOL Guru
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Question: Regulation B- Loan issued to an individual for the purpose of refinancing commercial property. Are we required to provide the "Right to Receive Copy Of Appraisal Notice"?

Answer: If a loan request includes collateral that is a 1-4 family dwelling, Regulation B's requirements concerning delivery of an appraisal copy apply, regardless of the loan purpose or the borrower.

If your procedure is to routinely provide the appraisal copy for all applicable applications, you need not provide the notice. The regulation does not require you to inform the applicant he has a right to get something you're already going to give him.

First published on BankersOnline.com 6/3/02

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