Property Valuation
A Mississippi appraiser completes their assignment and delivers the appraisal report to the lender client. Later, the borrower (who paid for the appraisal) requests a copy. Under FIRREA and CFPB rules:
AThe appraiser must provide a copy directly to the borrower since they paid
BThe lender must provide the borrower a copy of any appraisal used in connection with a mortgage application, typically upon request or automatically in certain loan types✓ Correct
CThe appraisal is confidential and the borrower has no right to it
DOnly the MREC can authorize release of the appraisal to the borrower
Explanation
Federal law (ECOA/Regulation B) requires lenders to provide applicants a copy of appraisals and other written valuations used in connection with credit applications. For residential mortgage loans, the lender must provide the appraisal copy promptly, no later than 3 business days before loan consummation, regardless of whether credit is granted.
Related Mississippi Property Valuation Questions
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