Question

Under ECOA, when is a notice concerning the right to obtain a copy of the appraisal due to a consumer?

a: Within three Busi ness days of a loan application
b: Within 90 days of the loan application
c: Within 30 days closing
d: At the time of Notice of Action Taken

Answer 1

The notice concerning the right to obtain a copy of the appraisal should be given to the consumer within three business days of the loan application according to the ECOA.

Step-by-step explanation:

Under the Equal Credit Opportunity Act (ECOA), a notice concerning the right to obtain a copy of the appraisal is due to the consumer within three business days of the loan application. The ECOA aims to ensure fair lending practices and requires lenders to provide applicants with a notice that will inform them that they have the right to receive a copy of the home appraisal report. This notice should be given promptly to aid the consumer in understanding the basis for the lender's decision regarding the loan.