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#946510 - 04/21/08 04:00 PM appraisal orders sent to family member
maryrose Offline
New Poster
Joined: Apr 2008
Posts: 18
a loan officer in our institution uses father-in-law on most appraisal orders (but not very many know this is father-in-law) could this come back to haunt anyone?

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Lending Compliance
#946525 - 04/21/08 04:17 PM Re: appraisal orders sent to family member maryrose
CRC Offline
Member
Joined: Apr 2008
Posts: 73
Wiscsonsin
Certainly potential for issues: for starters, take a look at Reg. Y:

225.65 Appraiser independence.

(b) Fee appraisers. (1) If an appraisal is prepared by a fee appraiser, the appraiser shall be engaged directly by the regulated institution or its agent, and have no direct or indirect interest, financial or otherwise, in the property or the transaction.
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Merely my opinion...

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#946638 - 04/21/08 05:13 PM Re: appraisal orders sent to family member CRC
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,858
Bloomington, IN
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The opinions expressed are mine and they are not to be taken as legal advice.

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