What is the requirement for delivery of NCUA's 701.31?

The requirement for delivery under NCUA's 701.31 mandates that a federally chartered credit union must make a copy of any appraisal available to members upon request. This ensures transparency and allows members to fully understand the basis for loan decisions, especially related to real estate transactions. The focus on member rights and transparency in the mortgage lending process is crucial, as it promotes trust and accountability between the credit union and its members.

This regulation is specifically designed to empower consumers by providing them access to the appraisals that are conducted in connection with their loan applications, reinforcing the credit union’s commitment to fair lending practices. By adhering to this requirement, credit unions demonstrate their adherence to regulatory standards and their responsibility to serve their members’ interests effectively.