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On the appraisal acknowledgemnet and waiver of delivery timing requirement can a consumer waive the 3 business day delivery requirement on the date of the closing? And the same for a business loan?
No, the waiver must generally be received no later than 3 business days prior to consummation. If there were clerical errors on an appraisal/valuation already delivered then a waiver can be taken after that 3 day timeframe, but this should be very infrequent and the appraisal would still be required to be delivered at consummation. See the excerpts below. Remember if you have an HPML the Reg Z HPML appraisal rules do not allow for a waiver.
12 CFR 1002.14: …An applicant may waive the timing requirement in this paragraph (a)(1) and agree to receive any copy at or before consummation or account opening, except where otherwise prohibited by law. Any such waiver must be obtained at least three business days prior to consummation or account opening, unless the waiver pertains solely to the applicant’s receipt of a copy of an appraisal or other written valuation that contains only clerical changes from a previous version of the appraisal or other written valuation provided to the applicant three or more business days prior to consummation or account opening. If the applicant provides a waiver and the transaction is not consummated or the account is not opened, the creditor must provide these copies no later than 30 days after the creditor determines consummation will not occur or the account will not be opened.
Commentary: 1002.14(a)(1)-6 Waiver.
Section 1002.14(a)(1) permits the applicant to waive the timing requirement if the creditor provides the copies at or before consummation or account opening, except where otherwise prohibited by law. Except where otherwise prohibited by law, an applicant’s waiver is effective under § 1002.14(a)(1) in either of the following two situations:i. if, no later than three business days prior to consummation or account opening, the applicant provides the creditor an affirmative oral or written statement waiving the timing requirement under this rule; or
ii. if, within three business days of consummation or account opening, the applicant provides the creditor an affirmative oral or written statement waiving the timing requirement under this rule and the waiver pertains solely to the applicant’s receipt of a copy of an appraisal or other written valuation that contains only clerical changes from a previous version of the appraisal or other written valuation provided to the applicant three or more business days prior to consummation or account opening. For purpose of this second type of waiver, revisions will only be considered to be clerical in nature if they have no impact on the estimated value, and have no impact on the calculation or methodology used to derive the estimate. In addition, under § 1002.14(a)(1) the applicant still must receive the copy of the revision at or prior to consummation or account opening.
The final part of Lexegay’s question inquires whether the treatment is the same for a business loan. The answer is yes. Remember, Regulation B applies broadly to all types of transactions, including a business transaction.
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