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#2221505 - 09/12/19 08:03 PM Property Inspection Waiver
KTMiteComply Offline
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KTMiteComply
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only if I want to....
We have a loan that we disclosed an Appraisal Fee, however, after the loan was sent to the Investor it was discovered that we could exercise an appraisal waiver (Property Waiver Inspection). We caught the Appraiser just as he had gone out to the property so all he charged was a trip fee.

My question is can we charge this Appraisal Trip Fee when we have an Property Inspection "Waiver". I mean, I think this would be simple to explain and since we charged an Appraisal Fee, then really this wouldn't be a COC...right? We would just charge the small trip fee instead of the entire Appraisal Fee amount.

As I type this it really feels like a very silly question and really should just be very simple
Last edited by KTMiteComply; 09/12/19 08:09 PM.
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#2221510 - 09/12/19 08:51 PM Re: Property Inspection Waiver KTMiteComply
rlcarey Online
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Galveston, TX
Why would this not be a changed circumstance?
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#2221511 - 09/12/19 09:07 PM Re: Property Inspection Waiver KTMiteComply
KTMiteComply Offline
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I guess I'm more wondering if there would be an issue listing on the Closing Disclosure an Appraisal Trip Fee when we have a Property Inspection Waiver and elected to not proceed with an Appraisal.
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#2221512 - 09/12/19 09:17 PM Re: Property Inspection Waiver KTMiteComply
rlcarey Online
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Galveston, TX
Is it not a separate thing that is being charged for? It is not for an appraisal - which you most likely have on the LE
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#2221543 - 09/13/19 03:10 PM Re: Property Inspection Waiver KTMiteComply
KTMiteComply Offline
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Yes sir that is correct, we put Appraisal Fee on the LE. So are you saying we need to do the Appraisal Trip Fee as a line item by itself and not as an Appraisal Fee? Would this also need to be put in Section B?

Also...I guess the closer is wondering if it's a problem even charging for an Appraisal Trip Fee when we have a Property Inspection Waiver. Like why would we even have any billings concerning an appraisal when an appraisal wasn't completed. I think it can be explained with a memo to file?
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#2224100 - 10/22/19 11:49 AM Re: Property Inspection Waiver KTMiteComply
terpsfan Offline
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If you had all the information necessary for the investor to make the waiver determination prior to the initial LE would it be a changed circumstance just because the investor had not reviewed it yet? Obviously the appraisal fee can go down to $0 but adding a new fee would required new information. Would investor feedback be considered new information? If it was internal underwriting I am not sure we could consider it a changed circumstance unless information previously provided by the borrower became inaccurate.
Last edited by terpsfan; 10/22/19 11:50 AM.
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