Question

In order to waive the right to receive a copy of the appraisal report before consummation, a consumer must:

a: Submit an oral or written waiver at least three business days prior to consummation
b: Sign a written agreement stating an intent to proceed with the transaction regardless of the appraisal
c: Submit a written waiver at application
d: Sign a written agreement to accept a copy of the appraisal at least 30 days after consummation

Answer 1

To waive the right to receive the appraisal report before consummation, a consumer must submit a waiver at least three business days prior to consummation.

Step-by-step explanation:

In order to waive the right to receive a copy of the appraisal report before consummation, a consumer must: Submit an oral or written waiver at least three business days prior to consummation.

The Equal Credit Opportunity Act (ECOA) and Regulation B require creditors to provide applicants a copy of the appraisal and other written valuations promptly upon completion, or three business days before consummation of the loan, whichever is earlier, unless the applicant waives the right to receive the valuation. Even with a waiver, the creditor must provide these copies at or before consummation or account opening, except when the transaction is not consummated or the account is not opened. The consumer's waiver must be obtained at least three business days prior to consummation. This requirement ensures that consumers have ample opportunity to review the valuation and negotiate or make decisions based on it, while a waiver allows for faster processing in cases where the consumer doesn't wish to wait.