Regulation requires that a copy of an appraisal on a 1 – 4 family dwelling is to be given to the borrower “promptly” upon completion but 3 business days before closing. I can not find anywhere about the number of days after it is received we should provide it to them. I have an appraisal that was mailed 10 DAYS after it was received by the Bank AND it was delivered 3 business days before closing. Is shown that there a more specific time frame for it to be delivered to the borrower?
Regulation B requires that a copy of the appraisal be provided to the consumer promptly upon completion, or three business days prior to consummation of the transaction. The regulation does not clearly define “promptly upon completion, but Comment 1002.14(a)(1)-5 includes several examples of promptly upon completion and each example clarifies that delivering the appraisal within one week after completion is considered prompt. Your 10-day delivery period exceeds the standard in the Comment. However, since you delivered it 3 days prior to consummation examiners are unlikely to find consumer harm in your practice.