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.

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.