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#78508 - 05/06/03 09:00 PM Non-payment for appraisal costs
Harvey Offline
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Harvey
Joined: Feb 2001
Posts: 146
An appraisal was ordered on a single-family residence that was going to secure a business purpose loan. Customer withdrew the loan application and did not pay for appraisal. Customer now wants copy of appraisal even though he didnt pay for it. Section 202-5a.2.i says that you can withhold the appraisal until the later of three things, one being or receives reimbursement from the applicant for the report. Does this mean that until the customer pays for the cost of the appraisal that I can refuse to provide him a copy?

Loan officer tells me that that cost of the appraisal was going to be included in the loan fee that was to be collected at the time the loan was booked.

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General Discussion
#78509 - 05/06/03 09:02 PM Re: Non-payment for appraisal costs
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,542
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#78510 - 05/07/03 01:00 PM Re: Non-payment for appraisal costs
complylady Offline
Platinum Poster
complylady
Joined: Jul 2002
Posts: 614
Michigan
This also applies to 'no closing costs' loans. If the loan is not closed you only need to notify the applicant of their right to receive a copy after they pay for it.

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