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#2200824 - 12/14/18 09:25 PM Appraisal Notice Missed on Business Loan
Annie Offline
Junior Member
Joined: Sep 2018
Posts: 25
If a lender discovers post-closing that it failed to deliver the REG B appraisal notice (3-days of application) on a business purpose loan (no LE), should the lender send the notice after the fact? I understand that it will be essentially meaningless as the loan has closed and the borrower received a copy of the appraisal at least three business days before closing. As a corrective action, would sending the notice with a cover letter explaining the situation protect the lender more than not taking any action since the borrower was presumably unharmed.

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Interagency (Reg Z) and CFPB Reg B Appraisal Rules
#2200825 - 12/14/18 09:28 PM Re: Appraisal Notice Missed on Business Loan Annie
raitchjay Offline
Power Poster
Joined: Oct 2009
Posts: 8,568
OK
I wouldn't send it. It's pretty much meaningless at that point. I'd just train and move on. Others might have a different opinion.
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#2200826 - 12/14/18 09:34 PM Re: Appraisal Notice Missed on Business Loan Annie
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,336
Cape Cod
I agree 100% with "raitchjay."
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#2200827 - 12/14/18 09:35 PM Re: Appraisal Notice Missed on Business Loan Annie
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,336
Cape Cod
And welcome to our Discussion Forums, KAJ8484!
Last edited by John Burnett; 12/14/18 09:36 PM.
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