Final answer:
Jack is entitled to a free copy of the appraisal report for his home when refinancing his mortgage, without needing to request it, either upon completion or three business days before loan closing. If his application is denied, he still receives a copy. The lender provides this as part of the obligations under the ECOA and Dodd-Frank Act.
Step-by-step explanation:
When Jack applies for a refinance of his mortgage, he has certain rights regarding the appraisal report of his home. The appraisal report is an important document that assesses the value of his property securing the loan, and Jack's access to this report can be guided by several regulations. Most notably, under the Equal Credit Opportunity Act (ECOA) and the Dodd-Frank Wall Street Reform and Consumer Protection Act, Jack is entitled to receive a copy of the appraisal report.
According to these regulations, lenders are required to provide borrowers with a free copy of home appraisals and other written valuations as soon as they are completed, or three business days before the loan is closed, whichever is earlier. In Jack's case, he does not need to request it; it will be provided to him. Additionally, if his application for refinancing is denied, he is still entitled to a copy of the appraisal. Lastly, the lender is also required to provide him with a copy at closing, making it unnecessary for Jack to file a written request unless he wishes to receive it sooner.
Understanding these rights regarding mortgage appraisals is crucial when going through the refinance process, providing transparency and ensuring borrowers like Jack are well-informed about the value of their homes and the terms of their loans.