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Closing · 12 CFR 1002.14Appraisal copy rule: 3 business days before closing

For a loan secured by a first lien on a dwelling, the lender must give the borrower a copy of every appraisal and other written valuation promptly upon completion, or three business days before closing, whichever is earlier (12 CFR 1002.14). The borrower may waive the timing and receive copies at or before closing – but the waiver must be obtained at least three business days before closing, except for clerical-only revisions. The lender cannot charge for the copy.

The rule

  1. Timing (§1002.14(a)(1))

    Promptly upon completion, or three business days before consummation, whichever is earlier – for all appraisals and written valuations developed for a first-lien dwelling loan.

  2. Waiver

    The applicant may agree to receive copies at or before closing; the waiver must be obtained at least three business days before closing, unless it covers only a version with clerical changes from one given three or more business days earlier.

  3. Notice (§1002.14(a)(2))

    Within three business days after the application, the lender tells the applicant in writing of the right to receive copies.

  4. Cost and form

    No charge for the copy (a reasonable fee for the appraisal itself is allowed); copies may be electronic under the E-Sign Act. The rule applies even if the loan is denied or withdrawn.

What the TC watches

  • The appraisal delivery date – late revisions can collide with the closing date.
  • Whether the buyer signed a timing waiver, and when.
  • The appraisal contingency deadline in the contract, which runs separately.

Questions about the appraisal copy rule

When must a borrower receive the appraisal?

Promptly upon completion or three business days before closing, whichever is earlier (12 CFR 1002.14(a)(1)).

Can a borrower waive the 3-day appraisal rule?

Yes, but the waiver must be obtained at least three business days before closing, unless the later version has only clerical changes.

Can the lender charge for the appraisal copy?

No charge for providing the copy, though the lender may charge a reasonable fee for the appraisal itself.

Does the rule apply if the loan is denied?

Yes – it applies whether credit is extended, denied, incomplete or withdrawn.

Is this the same as the Closing Disclosure 3-day rule?

No. It is a separate ECOA rule; both often land in the same last week before closing.

Related guides and tools

Add the appraisal delivery and the 3-business-day mark before closing as dated tasks on the deal in ClosingCode – next to the Closing Disclosure date.

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Source: 12 CFR 1002.14 (Regulation B, Equal Credit Opportunity Act; eCFR, read October 24, 2026).

General information, not legal advice. The lender is responsible for the appraisal copies. ClosingCode is software; it is not a lender or law firm.