Commercial Loans and Appraisal Delivery

Answered by:

Question:

When should a copy of the appraisal be given to the borrower on a commercial loan before closing?

Answer:

The timing rules are the same for both business and consumer purpose loans.

A creditor shall provide a copy of each such appraisal or other written valuation promptly upon completion, or three business days prior to consummation of the transaction (for closed-end credit) or account opening (for open-end credit), whichever is earlier.