Question

According to ECOA, borrowers have the right to request a copy of the appraisal report used in the decision-making process within what time frame?

1) 30 days
2) 60 days
3) 90 days
4) 120 days

Answer 1

Borrowers can request a copy of the appraisal report used in a lending decision within 90 days as per the Equal Credit Opportunity Act (ECOA).

Step-by-step explanation:

According to the Equal Credit Opportunity Act (ECOA), borrowers have the right to request a copy of the appraisal report used in the decision-making process for a loan. The correct time frame within which a borrower has the right to request this report is within 90 days after the creditor has provided notice of action taken, such as the approval or denial of the loan. This regulation ensures transparency in the lending process and provides the borrower with an opportunity to review the information that influenced the lender's decision.