Valuations – What are my obligations if the loan does not close or the account does not open?

Compliance > Regulation B - ECOA
Q:  What are my obligations if the loan does not close or the account does not open?
 
A:   If you determine that you are not going to close a loan or open a credit line, you still have to give the applicant a copy of the appraisal and other written valuations “promptly upon completion.” If the applicant has waived that deadline, you must provide copies of the appraisal and other written valuations to the applicant 30 days after you determine the transaction will not close.
 
 
This Q&A was located in the CFPB's ECOA Valuations Rule Small Entity Compliance Guide (which may be updated from time to time) that can be found by accessing the Bureau's Mortgage Resources webpage, which may be found here:  

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