The previous rule required a lender to provide the applicant a copy of the appraisal of the property when requested by the applicant and the applicant paid for the appraisal.
The new rule states that a lender must provide an applicant a copy of the appraisal and other written valuations developed in connection with an application for credit that is to be secured by a first lien on a 1-4 family residential property ("Dwelling"). The appraisal shall be provided "promptly upon completion" or "three business days prior to consummation" whichever is earlier.
Waivers Under the New Rule
The new rule provides limited waivers regarding timing of delivery of the appraisal. Even if the transaction is not consummated, the lender is still required to provide a copy of the appraisal to the applicant within 30 days after the lender determines consummation will not occur.
New Notice (Disclosure Requirement)
The new rule further requires lenders to provide a notice to the applicant that they have a right to receive a copy of the appraisal. This notice must be given no later than three business days after the lender receives an application for credit secured by a first lien loan on a Dwelling.
Best practices dictates lenders provide ALL applicants notice of the right to receive the appraisal report within three business days of receipt of an application and immediately forwarding the appraisal to the borrower with an acknowledgement of receipt by Borrower.
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