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#490060 - 01/27/06 08:44 PM Appraisal order
ricasc Offline
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Joined: Jan 2006
Posts: 16
At a recent compliance seminar we attented, the person conductring the seminar stated that we had to give a list of appraisers to the borrower and allow them to pick one, that the bank is not allowed to choose. Is that correct? In addition, we were alos told that we could not supply a copy of the contract to the appraiser or inform the appraiser of the loan amount.

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#490061 - 01/27/06 09:00 PM Re: Appraisal order
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Dead wrong on the first part - your borrower cannot pick the appraiser and in fact there is no requirement to even share the bank approved list with them.

Whether you share the second two pieces of information with the appraiser is really up to you - you however would have to be comforatable that giving that information to the appraiser did not influence their appraisal value assigned to the property.
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#490062 - 01/30/06 11:00 PM Re: Appraisal order
Appraiser Lady Offline
100 Club
Joined: Jun 2005
Posts: 198
PA
The appraiser is required under USPAP to report and analyze any agreements, options, leases etc. If the appraiser doesn't have a copy of the agreement, s/he can't analyze and reconcile it to the value conclusion.

A good appraiser isn't going to be swayed by the sales agreement, and most worth their salt will give you a heads up and let you cancel the assignment and pay only what they have into it for time and expenses if the deal is going to go south.

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#490063 - 02/01/06 07:20 PM Re: Appraisal order
biz Offline
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Joined: Nov 2005
Posts: 1,032
Midwest
Don't recent changes/clarifications say that you (the lender) may not supply the appraiser with any information that would sway the opinion. It does say the realtor can't provide the sales agreement, but isn't there a gray area in the lender suppling such?

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#490064 - 02/01/06 07:22 PM Re: Appraisal order
biz Offline
Diamond Poster
Joined: Nov 2005
Posts: 1,032
Midwest
Mine should say the realtor "can" supply the sales agreement, not can't. Sorry

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#490065 - 02/01/06 10:31 PM Re: Appraisal order
Appraiser Lady Offline
100 Club
Joined: Jun 2005
Posts: 198
PA
I'm not aware of a reg that says the bank can't supply the appraiser with a copy of the sales agreement. And you say the same reg says the lender can't, but the realtor can? Can you provide the reference to the reg?

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