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#1971512 - 10/23/14 06:16 PM ECOA Appraisal Rule - Counting Days Before Close
Cheli Offline
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Cheli
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Good afternoon,

Could someone please clarify the earliest that a lender can close a loan once an Appraisal Report was delivered to a borrower? ie: the 3 business days after mailing or delivering the report to the applicant's last known address or when evidence indicates actual receipt.

I understand that ECOA doesn't have a definition of business day...but to ensure that I am not violating the Appraisal Rule when my borrower doesn't sign the waiver, I need to fully grasp the counting of the 3 business days prior to consummation.

If I mail an appraisal report, would I do a 3 day presumption of receipt? And then count 3 additional days for the ECOA Appraisal Rule, earliest consummation date being on the 7 business day from when I mailed the Report?

(Meaning, I would count the days just like initial disclosures to keep it simple)? Our attorney stated in an email that we can close on the 6th day...? I am not sure that is correct. Can anyone please provide clarity to this?
I think the attorney and I are looking at "day 1" of receipt differently.

Thank you-

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#1971565 - 10/23/14 07:34 PM Re: ECOA Appraisal Rule - Counting Days Before Close Cheli
Dan Persfull Offline
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Bloomington, IN
If I mail an appraisal report, would I do a 3 day presumption of receipt? And then count 3 additional days for the ECOA Appraisal Rule, earliest consummation date being on the 7 business day from when I mailed the Report?

i. For purposes of this timing requirement, "provide" means "deliver." Delivery occurs three business days after mailing or delivering the copies to the last-known address of the applicant, or when evidence indicates actual receipt by the applicant, whichever is earlier. Delivery to or actual receipt by the applicant by electronic means must comply with the E-Sign Act, as provided for in ยง 1002.14(a)(5).


You do not have a 3 + 3 with the delivery of the appraisal as you do with the providing a revised ETIL by mail. [Comment: Dan corrected this statement. See below.]
Last edited by John Burnett; 11/26/14 08:54 PM. Reason: To note Dan's correction
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#1971582 - 10/23/14 07:48 PM Re: ECOA Appraisal Rule - Counting Days Before Close Cheli
Cheli Offline
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Cheli
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Hi Dan,

So if I placed the Appraisal Report in the mail on Monday, October 20th,what would be my earliest closing date? Does Day 1 begin on the day it is placed in the mail? Meaning, I could close on Day 4 (October 23rd)?

Thank you- sorry for the hassle...

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#1971748 - 10/24/14 01:56 PM Re: ECOA Appraisal Rule - Counting Days Before Close Cheli
Dan Persfull Offline
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Dan Persfull
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Bloomington, IN
You begin your count on the first business day after the day the disclosure was placed in the mail.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1971981 - 10/24/14 08:17 PM Re: ECOA Appraisal Rule - Counting Days Before Close Cheli
Cheli Offline
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Cheli
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Ok- that's what I needed to know...when to start day 1...

...and then we can close on day 4...

Thank you for your patience with me :-) Have a great weekend.

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#1979553 - 11/26/14 08:15 PM Re: ECOA Appraisal Rule - Counting Days Before Close Dan Persfull
John Burnett Offline
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John Burnett
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Cape Cod
Originally Posted By: Dan Persfull

You do not have a 3 + 3 with the delivery of the appraisal as you do with the providing a revised ETIL by mail.


Not sure I agree with that, Dan, based on the comment you've quoted.
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#1979558 - 11/26/14 08:24 PM Re: ECOA Appraisal Rule - Counting Days Before Close Cheli
Dan Persfull Offline
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Dan Persfull
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Bloomington, IN
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#1979563 - 11/26/14 08:30 PM Re: ECOA Appraisal Rule - Counting Days Before Close Cheli
rlcarey Online
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OK - I am thoroughly confused frown
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#1979569 - 11/26/14 08:36 PM Re: ECOA Appraisal Rule - Counting Days Before Close Cheli
Dan Persfull Offline
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Dan Persfull
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Bloomington, IN
Randy the comment I made that John quoted should not have had the word "not" in it. It should have read:

You do not have a 3 + 3 with the delivery of the appraisal as you do with providing a revised ETIL by mail.
Last edited by Dan Persfull; 11/26/14 08:43 PM.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1979574 - 11/26/14 08:42 PM Re: ECOA Appraisal Rule - Counting Days Before Close Cheli
rlcarey Online
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Whew - OK - Maybe John needs to do a little magic on that post smile because I sure got lost as to what was going on.
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#1979577 - 11/26/14 08:45 PM Re: ECOA Appraisal Rule - Counting Days Before Close Cheli
Dan Persfull Offline
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Dan Persfull
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Bloomington, IN
In the other linked thread I acknowlwedged my typo in this thread that wasn't caught until today.
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