[cmitchell]

We have a customer who builds spec housing and the loan is set up as a revolving line. Do we have to send out a copy of the ‘appraisal report’ everytime that our credit adminstration does one for the next house that he will be building?

Topic

[jholzknecht]

New appraisal rules appear in both Regulations B and Z. Your transaction appears to be covered by Regulation B, which requires delivery of a copy of the appraisal promptly upon completion, or three business days prior to consummation of the transaction, whichever is earlier.

[Author]

Replies