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#2204723 - 02/01/19 03:08 PM increased appraisal cost-CIC?
mdog76 Offline
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Joined: Jan 2007
Posts: 645
I think I know the answer, but just for arguments sake: Loan amount was $1.4 million, we quote $450 appraisal. Actual appraisal cost came in over $950. Can this be considered CIC or should have known that the appraisal would have been higher and quoted a higher cost on our LE?

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#2204725 - 02/01/19 03:15 PM Re: increased appraisal cost-CIC? mdog76
burke116 Offline
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Joined: Jun 2014
Posts: 562
Petersburg, VA
What was the reason (the change that occurred) that the appraisal was higher than what you estimated?

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#2204726 - 02/01/19 03:16 PM Re: increased appraisal cost-CIC? mdog76
Adam Witmer Offline
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Joined: Sep 2010
Posts: 2,658
Based on what you provided, I don't see a changed circumstance. A change in the appraisal price alone is not a changed circumstance.
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#2204728 - 02/01/19 03:28 PM Re: increased appraisal cost-CIC? mdog76
mdog76 Offline
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Joined: Jan 2007
Posts: 645
I agree with Adam. We just quoted our appraisal price on the LE too low in this situation. The loan officer didn't take into account the larger, more complex property and quoted our standard appraisal charge. They were hoping it could be a CIC, but nope!

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#2204731 - 02/01/19 04:01 PM Re: increased appraisal cost-CIC? mdog76
RR Joker Offline
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The Swamp
I agree it's not a CC.
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#2204855 - 02/01/19 10:13 PM Re: increased appraisal cost-CIC? mdog76
John Burnett Offline
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John Burnett
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Cape Cod
Definitely not a changed circumstance.
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#2204866 - 02/01/19 10:56 PM Re: increased appraisal cost-CIC? mdog76
Hawk Offline
Member
Joined: Jan 2019
Posts: 56
Even with an appraised value over a million you should have known it would be more than an average appraisal. Definitely not a COC.

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