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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.

First published on 05/15/2022

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