Mortgage Appraisal: Your Right to a Copy and How to Question the Value
Mortgage appraisal rights explained: when a lender must give you a free copy of the report, what it covers and how to ask for a reconsideration of value.
A mortgage appraisal is the lender's independent check on what a home is worth, and federal rules give borrowers the right to see it. According to the Consumer Financial Protection Bureau, a borrower applying for a first-lien mortgage is entitled to a free copy of every appraisal and other written valuation the lender obtains. Under Regulation B, which implements the Equal Credit Opportunity Act, each copy is due promptly after it is completed or three business days before closing, whichever is earlier.
What is a mortgage appraisal?
The CFPB describes an appraisal as a written document that shows an opinion of how much a property is worth. It describes what makes the property valuable and may show how it compares with other properties in the neighborhood, and it is meant to be an independent assessment of value.
When a buyer borrows to purchase a home, or an owner refinances, the lender may need a new appraisal and may require the borrower to pay for it, the bureau says. Lenders may also use other methods to check a home's value. The appraisal fee is one of the third-party costs that appear on the Loan Estimate; Iron Hill Brief's explainer on what mortgage closing costs include covers where it fits.
When do you get a copy of the appraisal?
The CFPB summarizes the federal rule this way:
| Question | What the federal rule says |
|---|---|
| Which loans are covered? | Applications for credit secured by a first lien on a dwelling; a separate rule covers certain higher-priced mortgage loans |
| What must be provided? | A copy of all appraisals and other written valuations of the home |
| When? | Promptly after the report is completed, or three business days before closing, whichever is earlier |
| Can the timing be waived? | Yes. A borrower can agree to receive the copy at or before closing instead; that waiver generally must be given at least three business days before closing |
| Can the borrower be charged for the copy? | No, though a reasonable fee can be charged for the appraisal itself |
Source: Consumer Financial Protection Bureau; Regulation B, 12 CFR 1002.14.
A borrower who has a problem with the closing process should raise it with the lender first, the CFPB says, and can also submit a complaint to the bureau.
How can you question an appraisal you think is wrong?
Borrowers can ask a lender to reconsider a valuation they believe is inaccurate, a process the CFPB calls a reconsideration of value. According to the bureau, borrowers can point out factual errors or omissions, inadequate comparable properties, or evidence that the appraisal was influenced by prohibited bias.
Each lender's process may differ, but the CFPB said in a 2022 post that the process must give every borrower an opportunity to explain why they believe a valuation is inaccurate and must be nondiscriminatory and accessible to all. Some lenders include instructions for requesting a reconsideration with the appraisal copy itself. Reading the report as soon as it arrives leaves the most time to raise questions before closing.
For buyers, the appraised value can also shape the rest of the budget. The home affordability calculator can help a buyer revisit a price range if the numbers change.
Frequently asked questions
Do I have to pay for a copy of my appraisal? No. The CFPB says a borrower cannot be charged for copies of an appraisal or other valuation, although the lender can charge a reasonable fee for the cost of the appraisal itself.
When should my appraisal copy arrive? Under Regulation B, lenders must send it promptly after the report is completed or three business days before the loan closes, whichever is earlier, unless the borrower has waived that timing. A borrower who has not received it should ask the lender.
Can I challenge a low appraisal? Yes. Borrowers can ask the lender for a reconsideration of value and point to errors, omissions, weak comparable sales or evidence of bias, the CFPB says. The outcome depends on the lender's review.
Sources
- Consumer Financial Protection Bureau, "Do I have the right to receive a copy of my home appraisal?" (last reviewed Sept. 9, 2020): https://www.consumerfinance.gov/ask-cfpb/do-i-have-the-right-to-receive-a-copy-of-my-home-appraisal-en-192/
- Consumer Financial Protection Bureau, "What are appraisals and why do I need to look at them?" (last reviewed Sept. 4, 2020): https://www.consumerfinance.gov/ask-cfpb/what-are-appraisals-and-why-do-i-need-to-look-at-them-en-167/
- Consumer Financial Protection Bureau, "Mortgage borrowers can challenge inaccurate appraisals through the reconsideration of value process" (Oct. 6, 2022): https://www.consumerfinance.gov/archive/blog/mortgage-borrowers-can-challenge-inaccurate-appraisals-through-the-reconsideration-of-value-process/
- Consumer Financial Protection Bureau, Regulation B, 12 CFR 1002.14, Rules on providing appraisals and other valuations (accessed Oct. 23, 2026): https://www.consumerfinance.gov/rules-policy/regulations/1002/14/