What is an appraisal? What is an evaluation?

When you apply for a mortgage loan, generally, as part of the loan underwriting process, the bank will order an appraisal or an evaluation to determine the value of the property that is being used to secure the loan. An […]

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What is a comparable sale or comparable listing?

A comparable sale or listing is a recent sale or listing, typically in the last six months, of a property that is similar to the subject property in terms of physical and functional attributes and location.

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What do I do if I disagree with my appraisal report?

Provide your lender with a written description of the problem with the appraisal or evaluation and provide any evidence you may have. For example, if the appraisal or evaluation has an incorrect living area size for the […]

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What is a Reconsideration of Value (ROV) and who can request one?

An ROV is a request to the appraiser to reconsider the analysis and conclusions of his or her appraisal based on information not presented on the appraisal report. Only your lender may request an ROV from an appraiser on […]

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What should I do if I believe I may have experienced discrimination with my property appraisal?

Appraisal discrimination is illegal under federal law. The Fair Housing Act prohibits appraisers from discriminating against you on the basis of race, color, religion, national origin, sex, (including gender identity and […]

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How does a bank use an appraisal or evaluation?

A bank compares the value from the appraisal or evaluation to the requested loan amount to determine whether the value of a property securing a loan provides adequate collateral protection for the bank. This helps to limit […]

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I do not agree with the value in the appraisal or evaluation that my lender ordered. What can I do?

Your lender will order the appraisal or evaluation for the loan application. If the value of that appraisal or evaluation is lower than you anticipated, you should contact your lender as soon as possible. The law allows […]

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My lender ordered an appraisal or evaluation for my first lien mortgage on my primary dwelling. Can I get a copy of my appraisal or evaluation and, if so, when? How will it be delivered to me?

Your lender must provide you with a copy of your appraisal and any other written valuation promptly upon its completion or no later than three business days before closing, whichever is earlier. Your lender may provide the […]

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My lender ordered an appraisal or evaluation for my first lien mortgage on my primary dwelling. Do I have to pay to get a copy of my appraisal or evaluation?

No. Your lender must provide the copy for free. However, your lender may require you to pay for the performance of the appraisal or evaluation.

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