Does the OCC or other regulatory agencies specifically allow or frown on borrowers taking photos for real estate inspections if the lender requests these through the Verisite Firewall application? The Verisite mobile app can geocode the photos for location confirmation but having the borrower involved may be an issue. Otherwise this could be a way to expedite the processing on some loans.
If we disclose a cost for an Automated Valuation Model/Investment Valuation Model (AVM/IVM) or basic evaluation on the Loan Estimate but the valuation amount comes in low and does not support loan request, if the borrower then requests a full appraisal in hopes of a higher estimated value, are we able to send a new LE with the additional appraisal cost since the borrower requested the full appraisal or does the financial institution need to "eat" the additional appraisal fee because we had already disclosed a lower fee amount?
Are the Interagency Guidelines a “Must” follow set of rules that apply to all real estate transactions?
I have been told the recent $500,000 threshold increase for real estate evaluations applies ONLY to commercial property. Is that correct?
Should my appraiser be including an “As Is” value in all appraisal reports for Federally Related Transactions?
For renewal transactions, what is the threshold limit for evaluations?
Does the $1,000,000 business loan threshold for evaluations apply to farmland?
Are there any certain items I should be reviewing for if an appraiser only completes one approach to value in an appraisal report?
I have questions that bother me when I dealing with a commercial real estate transaction where a residential property is taken as collateral. When does the Notice of Right to Receive a copy of an Appraisal apply? I have seen many different concepts in the internet regarding to dwelling:
- A 1-4 residential property which is the borrower or guarantor's principal residence;
- Any 1-4 residential property which is the borrower's principal residence, and it is going to be refinanced; or
- Any 1-4 residential property taken as collateral in the commercial real estate transaction.
I would like somebody clarify which is in compliance. I am in Florida if that matters.
Can the bank use information from approved closed-end mortgage loan applications (ie property LTV) to offer a pre-qualified HELOC product? Could the bank have the borrower sign an authorization at application of the closed-end loan that indicates the bank may use the information obtained to
offer them other credit products that they might be interested in?