I am trying to create procedures for our commercial lenders when a loan will be secured by a dwelling. Our commercial customers to not complete applications. During a verbal application at what point in the process would the appraisal disclosure need to be mailed? Thanks in advance.

The definition of "application" has been a part of Regulation B for a long time, and it hasn't changed with the new appraisal rules:

Application means an oral or written request for an extension of credit that is made in accordance with procedures used by a creditor for the type of credit requested. There's more, but that's what I'd use for timing the Appraisal Right notice under section 1002.14.

The rest of that definition goes into what a "completed application" is, but I'd only look to that part of the definition for determining the timing of notices of action taken under section 1002.9.

Use

Thank you John.