Which act requires lenders to provide borrowers with a copy of their valuation promptly after completion?

• A. FHA
• B. RESPA
• C. GLBA
• D. ECOA

Answer: (D)

Under RESPA, lenders must provide borrowers with a copy of the appraisal or valuation used in the loan decision promptly after it’s completed. This disclosure helps ensure transparency in the mortgage process, letting borrowers review the value the lender relied on and verify that the appraisal supports the loan terms. It’s a key way RESPA protects consumers by giving them access to information that affects settlement costs and loan approval.

The other acts don’t establish this specific requirement. The FHA program governs insured loans and standards for property eligibility, not the blanket rule to deliver the appraisal copy; GLBA focuses on protecting consumers’ private financial information; and ECOA addresses fair lending practices, including discrimination and the right to notice if a loan is denied, rather than the borrower’s right to obtain the appraisal itself.