Question

The disclosure of Section 35 appraisal requirements are to be delivered to the borrower within __________ of receiving the loan application or determining Section 35 loan designation.

A) 3 business days
B) 5 business days
C) 7 business days
D) 10 business days

Answer 1

Section 35 appraisal requirements disclosures must be delivered to borrowers within 3 business days after receiving their loan application or upon determining the Section 35 loan designation.

Step-by-step explanation:

The disclosure of Section 35 appraisal requirements must be delivered to the borrower within 3 business days of receiving the loan application or determining Section 35 loan designation. This requirement ensures that borrowers are promptly informed about the appraisal process associated with their loan. It is important for borrowers to understand these requirements as they relate to the terms of a mortgage, which are typically set over a period of either 15 or 30 years.