Reg B and Home Lending

Question 1

What must a lender provide to a borrower when a residential property is being financed or refinanced?

Answer 1

Any evaluation or appraisal used to determine the value of residential property. This is required no matter who pays for the evaluation.

Question 2

When is the lender required to provide a Reg B - Right to Receive a Copy of Appraisal?

Answer 2

Within 3 days of receipt of an application for credit involving residential real estate.

Question 3

What is Columbia Bank’s policy in submitting applications received, for underwriting ?

Answer 3

Must be submitted no later than 24 hours from receipt.