I've done a lot of searching herein and I think I've confused myself on whether or not a Right To Receive a Copy of the Appraisal form is required to be given to the borrower for a renewal. It would be easier to install the procedure of "It's easier if you just give it to all transactions involving a SFR" but I don't like to work that way.

I see differing opinions depending on whether or not you knew you were going to order a new valuation. I see differing opinions about whether the valuation was obtain for another loan which property is being crossed. Whether or not there is new money being given (again, with our without a new valuation).

Question - must you give the notice or is the answer "depends....."?

Thanks in advance.

Depends:

2. Renewals. Section 1002.14(a)(1) applies when an applicant requests the renewal of an existing extension of credit and the creditor develops a new appraisal or other written valuation. Section 1002.14(a)(1) does not apply to the extent a creditor uses the appraisals and other written valuations that were previously developed in connection with the prior extension of credit to evaluate the renewal request.

Thanks

So, if the creditor knows it won't be developing a new appraisal for the purpose of the renewal, the notice isn't required. I'd add that, if the creditor later decides it needs a fresh valuation before approving the renewal, you will need to provide that copy of the valuation/appraisal. And that's why a lot of lenders go the "give the notice anyhow" route.