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Ask Maverick Your Own Question
Maverick, Lawyer
Category: Real Estate Law
Satisfied Customers: 6422
Experience:  20 years professional experience
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Banks are required to provide lenders with a copy of a home

Customer Question

Banks are required to provide lenders with a copy of a home appraisal within 3 business days of receiving it(Dodd-Frank Act) when a mortgage has been applied for.
Is it the same when an appraisal is done to remove PMI?
It took my bank 7 weeks to provide me with a copy.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Maverick replied 1 year ago.
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Customer: replied 1 year ago.
Thank you
Expert:  Maverick replied 1 year ago.
No, but in practice a copy of the completed report is usually mailed within 30 days. Here is the portion of the Equal Credit Opportunity Act that applies: “(e) Copies furnished to applicants“(1) In general“Each creditor shall furnish to an applicant a copy of any and all written appraisals and valuations developed in connection with the applicant's application for a loan that is secured or would have been secured by a first lien on a dwelling promptly upon completion, but in no case later than 3 days prior to the closing of the loan, whether the creditor grants or denies the applicant's request for credit or the application is incomplete or withdrawn.