ECOA requires a copy of an appraisal or any evaluation of the subject property within how many days prior to the loan closing?

The Equal Credit Opportunity Act (ECOA) stipulates that a borrower must receive a copy of any appraisal or evaluation of the subject property no less than three days before the loan closing. This requirement aims to ensure transparency in the lending process and gives borrowers ample time to review the appraisal, understand the value of the property, and address any potential concerns prior to finalizing the loan. This provision helps protect consumers by facilitating informed decision-making and maintaining fair practices in lending. Understanding this timeline is crucial for mortgage loan officers to ensure compliance with ECOA regulations, thereby preventing potential legal issues and enhancing borrower trust.