| Question: Does the Notice of Right to receive copy of appraisal pertain to only residential property?
Answer: Yes. Regulation B, in Section 14 (12 CFR 202.14), gives the applicant the right to receive a copy of the appraisal report if the credit is to be secured by a “lien on a dwelling.” The creditor has the choice of routinely supplying a copy of the report to all applicants or supplying a copy only on request. If the creditor supplies the copy only on request, it must provide written notice to the applicant of the right to receive a copy of the appraisal report. (posted 2/25/05) |
