Mortgage lenders must provide free copies of appraisals

A new rule announced Friday by the Consumer Finance Protection Bureau will require mortgage lenders to provide applicants with free copies of home appraisals before closing, The Street reported.

The lenders can continue to charge reasonable fees for the cost of the appraisals themselves under the rule, which goes into effect in January 2014. The goal is to give borrowers a clearer understanding of how the lender came to its value determination.