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#1339023 - 02/05/10 08:59 PM Appraisal Engagement Letter
#12 Offline
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Joined: Jun 2005
Posts: 1,338
Quick question:

We have someone independent of the loan ordering appraisals. In the appraisal engagement letter, can she state to contact the lender with questions, or does that compromise the independence?

Maybe a dumb question, but it's Friday, and I'm ready for a weekend!
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Lending Compliance
#1339028 - 02/05/10 09:02 PM Re: Appraisal Engagement Letter #12
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,323
Galveston, TX
Big compromise - they should contact the person sending the letter. Theoretically, there should be no contact between lender and the appraiser.
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#1339040 - 02/05/10 09:07 PM Re: Appraisal Engagement Letter rlcarey
#12 Offline
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That's what I thought, thanks Randy.
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#1364385 - 03/25/10 09:41 PM Re: Appraisal Engagement Letter #12
CRAatBOK Offline

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Joined: Mar 2004
Posts: 6,172
Further South than I wanna be.
I have been getting conflicting info. Can a person that works in the loan dept but does not make loans, order the appraisal. We have two levels of people in the dept (other than loan officers), those that work directly under a loan officer, documenting the loans etc. and those that have other duties such as checkback etc.

We are planning on having the second group order the appraisals. Would there be a problem with that? Would there be a problem with the loan officer assistants ordering appraisals?
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#1364594 - 03/26/10 02:15 PM Re: Appraisal Engagement Letter CRAatBOK
RR Joker Offline
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Joined: Nov 2002
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The Swamp
I doubt you'd h ave a problem with you second-level folks handling, but I would not have the LOA handle it. That's too close to the loan officer, IMHO.
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