Documentation of appraisal delivery can take on many forms. There is no regulatory requirement that the borrower sign a form stating that they received the appraisal, although many banks use such a form and such a form may be required by certain investors. The most common forms of proof of delivery that are used are as follows.
1. The creditor delivers the appraisal in person to the borrower and either the loan officer documents the delivery date of the appraisal to the borrower in the loan file or requires the borrower to sign and date an acknowledgment receipt.
2. The creditor mails the appraisal to the borrower and documents the date of mailing in the loan file (i.e., retains a copy of the cover letter in the file, etc.) and uses the 3 business day timing delay as the delivery date before beginning the 3 business day before loan closing clock.
3. If mailed, some creditors have the customer return a signed and dated acknowledgement receipt or some creditors have them sign an acknowledgement receipt at a later date, such as at closing.
4. The creditor sends the appraisal through a validated E-Sign delivery system and then either follows the 3+3 business day timing for closing or documents the date that the borrower acknowledged receipt of the electronic delivery to begin the 3 business day before loan closing clock.
It comes down to a business decision by the creditor as to how comfortable they are with their documentation process or how the creditor must meet the requirements of any investors that may be involved.
_________________________
The opinions expressed here should not be construed to be those of my employer:
PPDocs.com