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Mailing Copies of Appraisal

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  • #32361
    Sandy
    Participant

    I am confused on mailing a copy of an appraisal on a 1-4 family to when it is actually received by the borrower and from the time the loan can close. 6 days has been mentioned. It is said that an appraisal is received 3 business days after mailing but I am confused on what day is the 1st day to start count on. Is it the day it is placed in the mail or the day after? Can you please give me an example in real time with dates from when it is placed in the mail to the date one can close the loan?

    #32366
    rcooper
    Keymaster

    This fact sheet gives examples that should be just what you’re looking for. Since the Reg B doesn’t define business day you’re left to define it. For the purpose of the examples in the fact sheet business day does “not” include Saturdays. Keep in mind, under Regulation Z, for purposes of the deadlines for delivering the initial disclosure on appraisals and also for delivering a copy of the appraisal, a “business day” is defined as when “the creditor’s offices are open to the public for carrying on substantially all of its business functions.” See the TILA Mortgage Loan Appraisal Rule small entity compliance guide.

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