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#1814246 - 05/14/13 10:04 PM New Appraisals- Change Circumstance
Dodge Offline
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Joined: Mar 2010
Posts: 241
We had a customer who pledged a commercial building to secure a loan for the purpose of purchasing a primary dwelling. Well the customers came in today stating that they do not want to pledge the commercial building anymore; instead, they want to use three rent houses and the house they are buying.

We are going to revise the GFE to reflect the borrower request change, since we will have a increase in appraisal fees. However, can we still charge the customer for the appraisal fee on the commercial building? We did have the building appraised before the request change, so I'm thinking yes we can still charge but I wanted to make sure that was correct.

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Lending Compliance
#1814248 - 05/14/13 10:11 PM Re: New Appraisals- Change Circumstance Dodge
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,633
Galveston, TX
I don't see why you would have to eat that charge?? It was not the bank's fault or decision to change collateral.
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