If Jack has applied for a refinance, when must the lender provide a copy of the appraisal to him?

The requirement for lenders to provide a copy of the appraisal stems from federal regulations, specifically the Home Valuation Code of Conduct (HVCC) and the Dodd-Frank Act implemented reforms. Under these regulations, lenders are obligated to furnish borrowers with a copy of the appraisal report within a specific timeframe. This timeframe is either upon completion of the appraisal or three business days before the loan closing, depending on which event occurs first.

This provision is designed to ensure transparency in the refinancing process, allowing borrowers to review the valuation of their property and ensuring they are fully informed about the basis on which their loan application is assessed. Such transparency is crucial for allowing borrowers to assess the accuracy of the appraisal and potentially address any concerns before finalizing the loan.