ROVs and Fair Lending

Answered by:

Question:

Have other banks had issues in the past with how their appraisals and requests for review have been handled?

Answer:

Yes, there have been court cases and public actions taken against banks that have not responded with a “fair lending” mindset. We will discuss that even though the appraiser is performing a function for the loan applicant, they still represent the bank, and the bank is still ultimately liable for the actions of all service providers. A best practice would be to make sure that banks have a policy and procedure in place to address these issues before they arise.

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Learn more about Maureen Carollo’s Appraisals and Fair Lending, Including ROVs webinar.