We ordered and received an appraisal for a consumer RE transaction. The appraised value came in high enough to support the loan request, bank approved. The borrower indicated there are inaccuracies in the appraisal that lower the value of the home, and have asked the Bank to contact the Appraiser to remedy. (# of bathrooms is inaccurate as an example) The loan is expected to close within the next couple weeks. A response may or may not be received by the Appraiser if we do make contact.
What compliance concerns are we to be aware of? If we choose to proceed with loan closing with the appraisal we have as it was approved, is it OK to receive an updated appraisal after closing if the value is higher? I feel that it needs to be resolved prior to closing. Not my area of expertise, so any guidance is appreciated!

Acceptance of the appraisal is up to the bank. If you are aware of errors however, then I would think that your board approved Appraisal and Evaluation Policy would call for them to be resolved before closing.