Question

________ a creditor must provide a copy of an appraisal or other written valuation, assuming that applicant has not waived the timing requirement.

A. Promptly upon completion or at least 3 days before closing, whichever is earlier
B. Within 3 business days of receiving an application
C. Within 3 business days after closing
D. Within 30 days of an applicants request for a copy

Answer 1

A creditor must provide a copy of an appraisal or other written valuation promptly upon completion or at least 3 days before closing, whichever is earlier.

Step-by-step explanation:

The correct answer is A. Promptly upon completion or at least 3 days before closing, whichever is earlier.

According to the law, a creditor must provide a copy of an appraisal or other written valuation to the applicant. The creditor is required to do this either promptly upon completion or at least 3 days before closing, whichever is earlier. This timing requirement ensures that the applicant has enough time to review the appraisal or valuation before finalizing the closing of the loan.

For example, if the appraisal is completed 5 days before the closing, the creditor must provide a copy of the appraisal to the applicant within 3 days of its completion. However, if the appraisal is completed only one day before the closing, the creditor must provide a copy of the appraisal to the applicant promptly upon completion.