Mortgage Monday: Appraisals No Longer a Secret
Thanks to the Dodd Frank Wall Street Reform and Consumer Protection Act of 2010, home buyers can now receive a copy of their appraisal without having to ask. Prior to January 18, 2014, your lender did not have to provide you with the appraisal report unless you requested the report from your lender. They must now inform you that you are entitled to receive a copy of the appraisal, reviews, computer valuations and other data used in the transaction to determine the value of the home you are purchasing.
All of this will be mandatory. You must be provided with any significant information that was integral in the valuation of the property even if you did not know it existed. This new rule to the mortgage process will be overseen by the Consumer Financial Protection Bureau.
The lender must provide you with the full appraisal report soon after receiving and reviewing it. You and your real estate broker and/or other advisors will have time to find errors if any exist.
This only applies to a mortgage that is the first lien on the home, including reverse mortgages and construction loans.