Need some clarification. It was my understanding that if a new appraisal is ordered to determine a current value on the property or a modification is completed to add additional collateral and an appraisal is completed, we would need to supply a Notice of Right to Receive Copy of Appraisal on 1-4 Residential Properties. Have I been mislead or is this correct? Thanks!

It wouldn't be required on a modification as that would not be an "application for credit". I see no reason it would hurt to do so, however.

Thanks for the response. We are a smaller bank and I am use to being told to do something but not understanding why. Now that I am here, I am the one that has to explain why. We have decided for good business practice to send them.