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#1611443 - 09/30/11 08:47 PM Can we use this appraiser?
Wyogirl Offline
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Wyogirl
Joined: Nov 2001
Posts: 713
Laramie, WY. USA
Ag loan. The appraiser who specializes in these loans cannot get to the bank's request for more than a month. This same appraiser recommends another ag expert appraiser. It just so happens that this recommended appraiser is currently and already conducting an appraisal, for the borrower on the same piece of land, in anticipation of a land trust swap.

We only see advantages to this scenario, for the borrower and the bank. The appraisal will be ordered by the bank and follow all other rules of independence and non-coercion.

Are we ok to engage this appraiser?

Thank you,

Deb

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Lending Compliance
#1611478 - 09/30/11 09:41 PM Re: Can we use this appraiser? Wyogirl
Likes to Comply Offline
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Joined: Nov 2008
Posts: 1,054
In the mountains
According to the Interagency Appraisal and Evaluation Guidelines under Appraisal Development: USPAP requires the appraiser to disclose whether he or she previously appraised the property.

Otherwise, I don't remember anything prohibiting this. I think it would still be considered independent since the borrower nor the loan officer/loan production staff selected the appraiser. I would also get some documentation to demonstrate that he has the relevant experience and knowledge for the market, location and type of property being valued.

I am fairly new to the world of appraisals though, I hope someone adds to this thread. Anyway, you may want to check through the Guidelines from December 2 , 2010
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