How soon must a copy of any valuation be provided to the applicant under Reg B?

Under Regulation B, which implements the Equal Credit Opportunity Act, lenders are required to provide applicants with a copy of any written valuation or appraisal obtained in connection with their credit application. The correct timeframe for this provision is stipulated as being three business days prior to consummation of the loan. This requirement ensures that the applicant has ample opportunity to review the appraisal or valuation before finalizing the transaction, fostering transparency in the lending process.

It is essential to provide this information at least three business days in advance, as it helps the applicant understand the valuation of the property they are purchasing or refinancing. This not only allows them to evaluate whether the loan amount is appropriate based on the property's worth but also gives them time to raise any concerns regarding the valuation before the loan is closed. By requiring this information ahead of consummation, Reg B aims to protect consumer rights and promote informed decision-making in lending.