Under ECOA, when is a notice concerning the right to obtain a copy of the appraisal due to a consumer?

Under the Equal Credit Opportunity Act (ECOA), the requirement to provide consumers with a notice concerning their right to obtain a copy of the appraisal is designed to ensure transparency and protect consumer rights during the mortgage loan process. The correct answer indicates that this notice must be given within three business days of the loan application.

This requirement is in place to ensure that consumers are promptly informed about their rights related to the appraisal process, which is an important part of determining the value of the property being financed. Timely delivery of this notice helps consumers understand their financial circumstance better and gives them access to important information that can impact their decision-making.

The urgency of this notice is reinforced by the fact that it aligns with the timeline of the loan application process. Providing the notice early on ensures that it is available to consumers while they are still engaged in discussions and decisions about the loan, rather than after the fact, which may limit their ability to act on the information provided.