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Appraisals for Commercial Builders

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  • #3405
    cmitchell
    Member

    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?

    #3409
    jholzknecht
    Keymaster

    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.

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