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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The opinions expressed are mine and they are not to be taken as legal advice.