Right to receive a copy of the appraisal

Posted By: Soccer

Right to receive a copy of the appraisal - 01/12/12 01:30 PM

I do not read Reg B to require two copies of the appraisal being required to be given to the borrower(s). Can anyone tell me if that is a requirement and if so where I can find it.
Posted By: Rocky P

Re: Right to receive a copy of the appraisal - 01/12/12 02:38 PM

Information can be found in Reg B - 202.14. Nothing is mentioned about 2 copies.

Regulation
http://www.bankersonline.com/regs/202/202-14.html

Commentary
http://www.bankersonline.com/regs/202/s202-14.html
Posted By: A_G

Re: Right to receive a copy of the appraisal - 01/12/12 03:17 PM

Who is telling you this is required?

Ask them to inform you of his or her cite!
Posted By: Soccer

Re: Right to receive a copy of the appraisal - 01/12/12 06:00 PM

Outside consultant that reviewed our policies!
Posted By: Always In Training

Re: Right to receive a copy of the appraisal - 01/12/12 06:04 PM

Is it in your policy to give 2 copies ?

Is it state law that they receive a copy of anything the bank requires them to sign? (It is in my state for 1 type of loan, and our forms provider has a place for the borrower to sign acknowledging receipt.)
Posted By: Soccer

Re: Right to receive a copy of the appraisal - 01/12/12 06:42 PM

Not in policy and I don't see it in state law.
Posted By: Andy_Z

Re: Right to receive a copy of the appraisal - 01/13/12 09:54 PM

Time to go back and ask the source for a cite.

It is similar to someone saying "tell me where it says I can't do this" and the correct response is "tell me where it says you can."