TILA Mortgage Loan Officer Practice Test 2025 - Free Mortgage Loan Officer Practice Questions and Study Guide.

The correct timeframe for providing a copy of the appraisal after an adverse action loan has been consummated is 30 days. This requirement is stipulated under the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B.

When a loan application is denied or adverse action is taken, the lender must ensure that the applicant receives a written statement of reasons for the denial and any additional information that may be relevant to the credit decision. One of these obligations includes providing a copy of any appraisals or other valuation materials used in making the credit decision. The law allows for a period of 30 days following the notice of adverse action for the lender to fulfill this requirement.

This timeline gives lenders adequate time to prepare the necessary documentation while ensuring that applicants receive the information they need without undue delay. This is an important consumer protection feature designed to enhance transparency in the mortgage lending process.