Does the Code require the lender to provide the appraisal free of charge?
No. The Code requires the lender to provide, free of charge, a “copy” of any appraisal report completed in association with a specific loan. The lender may require the borrower to reimburse the lender for the cost of the appraisal. Does the Code prohibit an appraiser from collecting payment for the appraisal directly from the borrower? Yes, for loans to be delivered to Fannie Mae. The Code requires the lender or any third party specifically authorized by the lender to select, retain, and provide for all compensation to the appraiser. What is the time frame for providing the “copy” of the appraisal? The lender can provide the copy promptly upon completion of the appraisal, but no less than three business days prior to closing. The lender may use any means to provide the copy, including but not limited to via mail, e-mail (electronic message), overnight delivery, etc., as long as the borrower receives the copy no less than three business days prior to closing. Does the Code prohibit the
