(a) Providing appraisals. A creditor shall provide a copy of the
appraisal report used in connection with an application for credit
that is to be secured by a lien on a dwelling. A creditor shall comply
with either paragraph (a)(1) or (a)(2) of this section.
(1) Routine delivery. A creditor may routinely provide a copy of the appraisal report
to an applicant (whether credit is granted or denied or the application
is withdrawn).
(2) Upon request. A creditor that does not
routinely provide appraisal reports shall provide a copy upon an applicant’s
written request.
(i) Notice. A creditor that provides appraisal reports only upon request shall
notify an applicant in writing of the right to receive a copy of an
appraisal report. The notice may be given at any time during the application
process but no later than when the creditor provides notice of action
taken under section 202.9 of this part. The notice shall specify that
the applicant’s request must be in writing, give the creditor’s mailing
address, and state the time for making the request as provided in
paragraph (a)(2)(ii) of this section.
(ii) Delivery. A creditor shall mail or deliver a copy of the appraisal report
promptly (generally within 30 days) after the creditor receives an
applicant’s request, receives the report, or receives reimbursement
from the applicant for the report, whichever is last to occur. A creditor
need not provide a copy when the applicant’s request is received more
than 90 days after the creditor has provided notice of action taken
on the application under section 202.9 of this part or 90 days after
the application is withdrawn.
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(b) Credit unions. A creditor that
is subject to the regulations of the National Credit Union Administration
on making copies of appraisals available is not subject to this section.
(c) Definitions. For
purposes of paragraph (a) of this section, the term dwelling means a residential structure that contains one to four units whether
or not that structure is attached to real property. The term includes,
but is not limited to, an individual condominium or cooperative unit,
and a mobile or other manufactured home. The term appraisal report means the document(s) relied upon by a creditor in evaluating the
value of the dwelling.
