A mortgage lender is required to provide you with a copy of your appraisal within 3 business days upon request. It may or may not cost money to get the copy of the appraisal but it probably will. In California at least, a borrower has up to 90 days to submit a request for a copy of the appraisal. In other states it may be different. Also, in respect to the appraiser-client relationship, a borrower does not have the right to receive a copy of the appraisal from the appraiser themselves. This is because of the contractual agreement is between the lender and the appraisers services.

the Equal Credit Opportunity Act (ECOA) requires that a mortgage broker or lender must inform you how and when you can ask for a copy of your appraisal. ECOA is administered by the Board of Governors of the Federal Reserve System.

Rules for Providing Appraisal Reports—Section 202.14 – Regulation B requires that banks provide a copy of the appraisal report used in connection with an application for credit to be secured by a lien on a dwelling. A bank may provide the copy either routinely (whether or not credit is granted or the application is withdrawn) or upon an applicant’s written request. If the bank provides an appraisal report only upon request, it must inform the applicant in writing of the right to receive a copy of the report.

Rules for Providing Appraisal Reports—Section 202.14 – Regulation B requires that banks provide a copy of the appraisal report used in connection with an application for credit to be secured by a lien on a dwelling. A bank may provide the copy either routinely (whether or not credit is granted or the application is withdrawn) or upon an applicant’s written request. If the bank provides an appraisal report only upon request, it must inform the applicant in writing of the right to receive a copy of the report.

Enforcement, Penalties, and Liabilities—Section 202.17 – In addition to actual damages, Regulation B provides for punitive damages of up to $10,000 in individual lawsuits and up to the lesser of $500,000 or 1 percent of the bank’s net worth in class action suits. Successful complainants are also entitled to an award of court costs and attorney’s fees.

On federally insured loans such as Freddie Mac, Fannie Mae, FHA and VA mortgages, appraisers must follow what is called “The Home Valuation Code of Conduct or HVCC. The HVCC establishes standards for solicitation, selection, compensation, conflicts of interest and appraiser independence. It became effective May 1, 2009, for any mortgage that will be sold to Fannie Mae or Freddie Mac; Federal Housing Administration (FHA) and Federal Home Loan Bank (FHLB) mortgages are not covered in the agreement.

The Code requires that lenders provide the borrower with a copy of the appraisal report at least three business days prior to the closing of the loan unless the borrower waives this requirement. Is Saturday included as a business day?

For this requirement, we consider Monday through Saturday business days. Sundays and legal holidays are not considered business days. The lender must provide the copy promptly upon completion of the appraisal, no less than three business days prior to closing. The lender may use any means to provide the copy including, but not limited to, mail, e-mail (electronic message), overnight delivery as long as the borrower receives the copy no less than three business days prior to closing.

Also, because of a growing threat of appraisal fraud, you may consider just getting a new appraisal done on the home that is certified to be valid. It should be dead on for the value of the home. If it isn’t, be inquiring as to why there is a difference in value appraising. The cost is usually around 300-400 dollars and from what people who get appraisals done are saying, it is usually worth the cost. Having your appraisal done from an independent source is a very valuable thing. Be sure you get the appraisal done by a reputable company. 

You may be wondering how appraisers are certified and how they come to their abilities to appraise homes and have the value hold up in a court of law. Appraisers are trained professionals, just like in any other job field. They go to school and gain certification that allows their appraisals to be genuine documents. 

You should get an appraisal to protect your rights and to know the true value of your home. There are many other reasons why someone would get a copy of their appraisal, so rest assured it can be done. If you have further questions about how long after the mortgage a lender has to produce the documents, try checking with the lender themselves or ask another certified professional.

From Freddie Mac – Noncompliance With the Code

Complaints about noncompliance with the Code may be submitted electronically or through the mail using the complaint submission form. The complaint submission form must be completely filled out to be accepted and reviewed. Anonymous or incomplete complaints will not be reviewed. Instructions are provided on the complaint types that are eligible for submission.

For more information

Moe Bedard
My name is Maurice "Moe" Bedard. I am the founder of America's #1 Mortgage Forum, LoanSafe.org. My online work has been featured in the New York Times, LA Times, Fox Business, and many other media publications.