Final answer:
A lender must provide a copy of each written appraisal promptly upon completion, or no later than three business days before the loan closing, whichever is earlier, as required by the Equal Credit Opportunity Act and Regulation B.
Step-by-step explanation:
According to the Equal Credit Opportunity Act (ECOA) and its implementing regulation.
Regulation B, a lender must provide a copy of each written appraisal and other written valuations developed in connection with an application for a loan that is to be secured by a lien on a residential real property promptly upon completion, or no later than three business days before the loan closing, whichever is earlier.
The lender must provide these without charge. The applicant also has the right to request a copy of each written appraisal or valuation at any point in the process.
This regulation is in place to ensure transparency in the valuation process and to protect consumers from potentially unfair lending practices.