In what timeframe must an appraisal notice be delivered after application?

An appraisal notice must be delivered within three business days of a mortgage application. This timeframe is mandated by the Truth in Lending Act (TILA) and ensures that borrowers are promptly informed of the appraisal process. Timely delivery of this notice allows borrowers to be aware of potential costs associated with the appraisal and helps them understand their financial obligations more clearly. The provision is designed to promote transparency and protect consumers during the mortgage lending process. By requiring this notice within three business days, it gives lenders a reasonable period to process the application and organize the necessary steps for the appraisal, while also ensuring that borrowers receive essential information without undue delay.