When applying for a mortgage loan, understanding how your property’s value is determined is crucial. The ECOA Valuations Rule, an amendment to Regulation B under the Equal Credit Opportunity Act (ECOA), ensures that you, as a borrower, receive copies of every written valuation related to your loan application free of charge.

This consumer protection rule requires lenders to send you a notice about your right to receive these valuations within three business days of your loan application. Once the lender orders and receives the appraisal or any other property valuation (like an Automated Valuation Model or Broker Price Opinion), they must provide you a copy promptly—at the latest, three business days before your loan closes.

This timeline lets you review the assessment, ask questions, and resolve any inaccuracies before finalizing your mortgage, helping avoid surprises at closing. The rule applies exclusively to first-lien mortgage loans on residential properties and does not cover other credit types like home equity lines of credit or auto loans.

Valuations covered include:

  • Appraisal Reports: Detailed evaluations by licensed appraisers based on physical property inspections.
  • Automated Valuation Models (AVMs): Computer-generated estimates often used for initial assessments.
  • Broker Price Opinions (BPOs): Estimates prepared by real estate brokers, commonly used in short sales or foreclosures.
  • Other written valuations used by lenders to determine property value.

Contrary to some misconceptions, while you may pay an appraisal fee upfront as part of your loan costs, the lender cannot charge you to receive a copy of the completed valuation report. Also, you are entitled to receive these valuations even if your loan is denied or you withdraw your application.

If you do not receive your appraisal or valuation documents on time, contact your loan officer immediately and cite your rights under the ECOA Valuations Rule. If necessary, you can escalate the issue by filing a complaint with the Consumer Financial Protection Bureau (CFPB), which enforces this rule.

This transparency helps protect you from potential errors or discrimination and ensures you have access to the same appraisal information the lender uses. For related information, explore our glossary on the Equal Credit Opportunity Act (ECOA).

For more details, visit the official CFPB page on the ECOA Valuations Rule: Consumer Financial Protection Bureau – ECOA Valuations Rule.