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#613076 - 09/14/06 12:30 PM Right to Receive Copy of Appraisal
Denny Offline
Member
Denny
Joined: Jun 2002
Posts: 79
Pa
If we get an application by phone for a loan to be secured by a residential dwelling and we deny the request the next day because of information in the applicants credit report, do we still have to send the applicant a Right to Receive a Copy of Appraisal Disclosure with our Adverse Action Letter even though we did have an appraisal done of the property and therefore we do not have a copy of an appraisal to give to the applicant? Reg. B doesn't seem to address this situation. Our policy is to only provide a copy of an appraisal to an applicant if it's requested.

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Lending Compliance
#613077 - 09/14/06 01:11 PM Re: Right to Receive Copy of Appraisal
Sinatra Fan Offline
Power Poster
Sinatra Fan
Joined: Jul 2002
Posts: 5,568
New Jersey
If you did not order or use an appraisal, you do not have to give the applicant notice of the right to receive a copy of one.
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Management is doing things right; leadership is doing the right things. Peter Drucker

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