March 5th, 2013 10:06 AM by Michael and Jill Kohler
The Consumer Financial Protection Bureau has adopted a new rule that lenders must provide free copies of the appraisal of your home or of the home you want to purchase prior to the closing.
The information is important because a too-high valuation might lead you to over-pay for a home you want to buy, or a low appraisal might derail your plan to refinance your exisiting loan.
The copy must be given to you promptly after the report is completed or at least 3 days prior to closing, whichever is earlier. The new rule will become effective on January 18, 2014. You can always waive the right to receive a report during the required timeframe. However, if you waive that right, the lender must still provide a copy of the report to you one of two days before closing.