Under Utah rule, when must a loan originator provide a borrower with a copy of their appraisal?

The correct answer reflects the requirement that a loan originator must provide a borrower with a copy of their appraisal within 90 days of the borrower’s request, but this is contingent on the borrower having paid for the appraisal. This stipulation ensures that borrowers have access to their appraisal documents when they have an engaged interest and financial investment in the appraisal process, promoting transparency and allowing them to understand the value assessment of the property they are evaluating for financing.

This approach highlights the importance of borrower rights in the lending process, ensuring they are informed, and can make educated decisions regarding their loans. It empowers the borrower by confirming their investment into the appraisal process translates into receiving important documentation related to it.

Other options do not align with the established timelines and conditions set forth by Utah regulations. For instance, providing an appraisal immediately upon completion may not allow for suitable administrative processes to take place in loan processing. Likewise, the timeframe of 30 days or a pre-closure requirement for disclosure does not match the legal stipulations that govern the timing for delivering appraisal copies to borrowers.