Federal Mortgage Law · 24% of the SAFE exammedium
Correct answer: Promptly upon completion, and no later than 3 business days before consummation of the loan
Under Regulation B (amended to implement the Dodd-Frank Act appraisal requirements), the lender must provide the applicant with a copy of all appraisals and other written valuations developed in connection with an application for credit secured by a first lien on a dwelling. The copy must be provided promptly upon completion of the appraisal, and in any case no later than 3 business days before consummation of the loan. "Within 3 business days of receiving the appraisal, b..." is too late. "Within 5 business days of the loan approval decision" incorrectly states the trigger as receipt rather than completion. "Promptly upon completion, and no later than 3 busine..." references a 5-business-day window that is not established under this rule.
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