Under which federal legislation does the consumer have the right to receive a copy of the appraisal report on a loan collateral?

The correct answer is that under federal legislation, consumers have the right to receive a copy of the appraisal report primarily due to the Real Estate Settlement Procedures Act (RESPA). RESPA is designed to ensure that consumers are informed about the costs associated with their mortgage transactions and the services that they are being charged for. One of the key provisions of RESPA is that borrowers must receive a copy of the appraisal report, which helps them better understand the valuation of the property they are purchasing or refinancing.

The Truth in Lending Act (TILA) primarily focuses on the cost of credit and ensuring that borrowers are provided with clear and understandable information regarding loan terms and costs. The Equal Credit Opportunity Act (ECOA) aims to prevent discrimination in lending practices, providing equal access to credit regardless of race, color, religion, national origin, sex, marital status, or age. The Home Mortgage Disclosure Act (HMDA) requires certain lenders to compile and disclose information about their mortgage lending activities to ensure fair access to credit, but it does not directly provide consumers with the right to receive appraisal reports.

Thus, RESPA is the correct framework that gives consumers the right to access their appraisal reports, helping to maintain transparency in the mortgage process.