Posted By: Bank_Auditor007
Flood Zone on Appraisal - 08/21/13 04:36 PM
After attending a lending compliance seminar, I made a note to check the appraisal against the flood determination to be sure they are in agreement on loans that require flood insurance. Of course, there are a few in my sample that do not agree.
Two questions: 1. I do not see where this actually violates anything in the Flood Disaster Protection Act, am I right?
2. I see this as more of an assessment of the appraiser's work quality. Am I missing any obvious issue though?
Obviously it was important enough to mention at the seminar, but I am really struggling with how to even report this as a possible audit finding.
Two questions: 1. I do not see where this actually violates anything in the Flood Disaster Protection Act, am I right?
2. I see this as more of an assessment of the appraiser's work quality. Am I missing any obvious issue though?
Obviously it was important enough to mention at the seminar, but I am really struggling with how to even report this as a possible audit finding.