The Consumer Financial Protection Bureau on Friday released a new rule that requires mortgage lenders to provide applicants with free copies of all appraisals and other home-value estimates.
Lenders may still recover the cost of obtaining the appraisal, but not for providing a copy to the borrower.
Lenders must also inform consumers within three days of receiving a first mortgage application of their right to receive a copy of the appraisal. Appraisals must be furnished to the borrower at least three days before the loan closes. The new rule goes into effect in January 2014.
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