If the appraisal reviewer found a technical error such as wrong information on a comp or some other error that didn't affect the value of the structure would we need to give an updated appraisal to the borrower?

Yes. But the delivery of that appraisal, as long as value is not impacted, is not subject to the three day rule and can be delivered up to and at closing.

If you need the reference it is found on page 21 in the following CFPB guide. You do have to meet the five listed conditions.

http://files.consumerfinance.gov/f/201401_cfpb_compliance-guide_ecoa.pdf

First, you must deliver the final version even if there are clerical errors. We've noticed a lot of confusion on the "clerical error" waiver. Several bankers just automatically waiving the three day delivery requirement and simply providing a revised appraisal copy at closing. The banker doesn't get to waive the consumer's right to receive a revised final copy three days before closing - even for clerical errors. The borrower is the one who gets to waive the timing requirement. If you have a clerical error you can go to the borrower and ask them if they would like to waive (so as not to disrupt a planned closing date), it they won't you deliver and wait three days to close. If they waive you can close as planned.

We've got an HPML loan that has a clerical error in the Prior Date of Sale/Transfer section. Our appraiser is out of town for the next couple of days and can't fix it. Since this is an HPML loan, the waiver wouldn't apply to us, right? We have to wait for the appraiser to give us the updated appraisal before we can start our 3 days?

We have an HPML and similar situation as LHubbard above. We provided the initial appraisal to the borrower. Does the revised appraisal need to be provided 3 days before closing for an error that does not affect the value? Or can delivery be at closing as noted above for an HPML as well (since a waiver cannot be obtained)? We meet the 5 criteria - just want to make sure we can use this for HPMLs?