The Equal Credit Opportunity Act (ECOA) Valuations Rule (Regulation B) requires creditors to provide a written notice to applicants within three business days of application stating their right to receive a copy of any appraisal report developed in connection with their application.
“A creditor must deliver or mail a notice of the applicant’s right to receive a copy of all appraisals or valuations developed in connection with the application within three business days of receiving an application.”
— 12 CFR § 1002.14(a)(2), Regulation B
Applicants do not have the right to select their appraiser.
[References:, , CFPB, ECOA Valuations Rule Summary, , ===========, , ]
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