Can you give a Commercial loan customer the notice of the right to receive appraisal at loan closing or does it have to been given during the application period?

Here is the rule from 1002.14
(2) Upon request. A creditor that does not routinely provide appraisal reports shall provide a copy upon an applicant's written request.

(i) Notice. A creditor that provides appraisal reports only upon request shall notify an applicant in writing of the right to receive a copy of an appraisal report. The notice may be given at any time during the application process but no later than when the creditor provides notice of action taken under §1002.9 of this part. The notice shall specify that the applicant's request must be in writing, give the creditor's mailing address, and state the time for making the request as provided in paragraph (a)(2)(ii) of this section.

(ii) Delivery. A creditor shall mail or deliver a copy of the appraisal report promptly (generally within 30 days) 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. A creditor need not provide a copy when the applicant's request is received more than 90 days after the creditor has provided notice of action taken on the application under §1002.9 of this part or 90 days after the application is withdrawn.

Here is a thread to follow:

Appraisal Thread

swiggles,

Notice. A creditor that provides appraisal reports only upon request shall notify an applicant in writing of the right to receive a copy of an appraisal report. The notice may be given at any time during the application process but no later than when the creditor provides notice of action taken under §1002.9 of this part. The notice shall specify that the applicant's request must be in writing, give the creditor's mailing address, and state the time for making the request as provided in paragraph (a)(2)(ii) of this section.


I'm reviewing commercial RE loans and am finding that alot of the notices are not dated withn 3 days of the application date, but are dated on or before loan contract date. Is this still in compliance?

Are these secured by commercial real estate or by dwellings?

If secured by commercial RE, then 1002.14 doesn't apply. If secured by dwellings, there is no distinction between consumer and commercial borrowers--if giving the notice, it should be done prior to notice of action taken.