The sellers real estate agent needs to complete a real estate rebuttal form. 124 0 obj <> endobj 0000053255 00000 n PK ! Mortgage Compliance FAQs: Obligation to Transfer Appraisal Mortgage FAQs by Experts in Residential Mortgage Banking Creators of the Compliance Tune-up POWERED BY: LENDERS COMPLIANCE GROUP ABA Disclosure Ability to Repay ACH Adverse Action Advertisements Affiliate Marketing Affiliated Business Arrangements Affiliates AML Anti-Money Laundering APOR another lender. lender B under any obligation to obtain a new appraisal? BUT - that copy can just be a black and white copy or a digital copy that still has the lender's name on it (important for the below point). When Is A Home Appraisal Ordered During Mortgage Process? 0000004044 00000 n # : [Content_Types].xml ( MO0HW A lender may accept an appraisal transfer from a different lender. Yes. Most new lenders like Gustan Cho Associates will expedite all transfers so the . UCDP can be accessed from FannieMae.com. However, the lender delivering the loan to Fannie Mae makes all representations I would not continue to give advice on matters you know nothing about. At the same time, however, home values in your neighborhood dropped . 0000063994 00000 n The mortgage is sold to Fannie Mae by the lender. The lender is responsible for ensuring that the borrower receives a copy of the appraisal. See Advisory Opinion 25, Clarification of the Client in a Federally Related Transaction; Advisory Opinion 26, Readdressing (Transferring) a Report to Another Party; and Advisory Opinion 27, Appraising the Same Property for a New Client. obligation to transfer the appraisal to Lender B? Conventional Appraisal Guidelines on Home Value Not Appraising Out at Home Purchase Value, Conventional Appraisal Guidelines on Comparable Approach Appraisals, Comparable Sales That Are Not Nearby The Subject Property, Appraisal Review of Conventional Appraisal During Mortgage Process, Field Review Stage Of Home Appraisal During Mortgage Process. No. The AM should email Vendor Management providing specific information for the transfer, including the new lender name, borrower name(s), subject property address and the new lender's email to send the appraisal report. Yes. AIR? 0000054601 00000 n Yes. s21ImdT-ZsaaJ RfLOEU'rZ*PLN3;bh _\uTm[%(|%$r ,3#3FaXVyQ))x^VE{qQ?3h)!iisTAS3iWl^2?ZixPoODN6(ZuCTVGC{?u]ZwRr }4Rig\=I;$w$'5u e~{l i&o/Nk=lg9Xtw0\.jp~_-UyW>`N* T"06 r|-V6 NPO L}yoYjwi||"T~*VTn7UTA=&U` nb8YU]n"Ddc #D:*kr)bF:@)+mrBMAo\^1^6(h/S`5%r@|#Q83;U* NAE. hb```L!b`0p$={;::8H@ 3` The lender is responsible for establishing a process and procedure for documenting a borrowers waiver of the three-day requirement. Conventional loans, also called Conforming loans, need to conform to Fannie Mae and/or Freddie Mac Guidelines. The appraisal rebuttal form is then submitted back to the Appraisal Management Company. In the majority of the cases, there are no problems with appraisals. I have a professional practice question that is not addressed in this section - who can I contact? More importantly, USAA covers the appraisal, title and VA funding fee on VA IRRRL loans . AIR does not allow a lender to accept an appraisal prepared by an appraiser that was ordered by a mortgage broker as noted in Section IV(A). Adjustments will be made to substantiate the value of the subject property. 0000004850 00000 n 0000003674 00000 n transferred by Lender Aif Lender Bdetermines that the appraisal with written Q. What does this mean? You have good credit, good stable income, and reserves to close your home loan in time. No. 0000003551 00000 n You also might have to pay a fee to extend your rate lock if your loan closes late . Section I.B. "The client name on the appraisal does not need to reflect the new Mortgagee. There is no reimbursement on conventional appraisals by the exiting lender. 557 0 obj <>stream However, since an appraisal report contains assignment results, which are included in the Confidentiality Section of the Ethics Rule of USPAP and the Appraisal Institute Code of Professional Ethics, the authorization process stated above in Q1 applies. Lenders may use a pre-approved list or panel to select a residential appraiser, provided that (1) any employees of the lender tasked with selecting appraisers for the list are independent of the loan production staff; and (2) the loan production staff is not involved in selecting appraisers off the list for particular appraisal assignments. Still another common misconception is that taking a subsequent assignment with another client would be a conflict of interest. One cannot have a conflict of interest unless one first has an interest. In-house appraisers may prepare appraisal reports in accordance with Section V. Yes. AIR prohibits brokers from ordering appraisal services, but brokers may initiate the appraisal process on a lenders behalf in accordance with arrangements made by the lender. Re-apply with the new lender. This document was developed in response to recent questions about the agencies' real estate appraisal regulations and guidelines and replaces previous FAQs on the appraisal regulations issued in . 0000006849 00000 n If the value of the property is not increased, homebuyers need to put more money down. If the situation involves a 5/18 - may 18th Each lender must develop its own documentation requirements to ensure No. For example, when a report is prepared for and given to Client A, that report is no longer yours to give, or assign, to anyone else. As it is a new assignment, the appraiser is Home inspections are voluntary and not required by lenders. It is unethical for appraisers to comply with such requests. Some fine details of this process are addressed in the same section. 166 0 obj <>stream No. The mortgage loan originator nor the mortgage lender can not have any contact with the appraiser as they used to in the past. For example, while the identity of the client is not confidential unless the clinet so state, there are situations in which the very fact that the first client had the property appraised is in itself sensitive information. Lenders will honor an FHA appraisal for conventional loans, FHA loans, and VA loans. what date should the borrower lock in? AIR applies to loans sold to Fannie Mae. 0000004291 00000 n Mortgage lenders will go by the appraised value of the home in determining the loan to value. In the event the mortgage lender does not like the appraisal, a second appraisal or field review will be required. Client is defined in USPAP as the party (or parties) who engage an appraiser in a specific assignment. An ap praisal transfer must meet the guidance in HB -1-3555, Chapter 12. Freddie Mac: Appraiser Independence Requirements FAQs. 0000005173 00000 n Compliance with AIR will be part of the Fannie Maes operational review of the lender. Paying for the appraisal is the only cost outside closing that a mortgage loan borrower needs to come up with besides the home inspection fees, which are optional. %PDF-1.5 % the transfer that Lender A did not obtain the appraisal in a manner consistent They need to state the reason why they feel that the low appraisal is not justified. So what should you do if youre asked to readdress a report? If a lender has reason to believe an appraiser is violating applicable laws or otherwise engaging in unethical conduct, they shall promptly refer the matter to the applicable board or agency in accordance with Section VII. Homebuyers will have contingency clauses for a home inspection and home appraisal on their home purchase contracts. Yes. The opinion of market value must represent the appraisers professional conclusion, based on market data, logical analysis, and judgment. Section II only prohibits a lender from ordering a second appraisal when they are attempting to influence the outcome of the first appraisal and are now value-shopping. As a risk control measure for certain loan products, it may be common for a lender to order more than one appraisal, and this section does not prohibit that practice. 0000004541 00000 n endstream endobj startxref It means that as far as the appraiser is concerned, there is to be a new appraiser-client relationship i.e., a new assignment. !RDC*)KTe_KdF;. (8) addresses the removal of an appraiser from a list of qualified appraisers in connection with influencing or attempting to influence the outcome of an appraisal. In a reappraisal situation such as this, the work involved in developing the value opinion and preparing the report will, in most cases, be far less than it was the first time around. If the borrower is transferring a conventional loan to an FHA Loan, then the Conventional Appraisal needs to be changed to an FHA Appraisal. There are cases where an appraiser needs to go out several miles of the subject property to find a comparable. Loan Officer Compensation Plans Some Basic Concepts. If the home appraisal does not come in at value, the home buyer can do two things: The only cost outside closing that home buyers need to come up with prior to closing are home inspection and appraisal costs. 4Qe`j>0 In this article, we will cover and discuss conventional appraisal guidelines and home appraisals during the mortgage process. Fannie Mae without a new appraisal if Lender B can represent and warrant that PMI automatically drops off of conventional loans once the loan balance is at or below 78% of the home's appraised value. for Lender A, can Lender B accept that appraisal? Lender A must be named as client on the hb```b``?b @1v`~X(5e&D Ag(*gZ-gvFS<6Yt F|z ]&,U Who manages the transfer of a CONVENTIONAL appraisal transfer from NRZ? Communications with an appraiser regarding the corrections of objective factual errors in an appraisal report may be made by anyone on the staff of the lender, or on the staff of an authorized third party. Before you transfer a conventional loan to another lender, you must have which of the following? The seller will be notified that the repairs the appraiser noted need to be done and the appraiser needs to go back out for a re-inspection. Yes. The term loan production staff is not defined in AIR. 0000011908 00000 n In addition, AIR does not prohibit that a waiver, given in a timely manner, be recorded at some later point when the parties are available. Section III requires the lender to provide, free of charge, a copy of any appraisal report completed in association with a specific loan. As stated in the answer to Q28, this process is compliant because the broker is not responsible for selecting, retaining, or providing for payment of compensation to the appraiser. The lender needs to transfer it to another lender within 5 days based on strict appraisal rules. It cannot. Lenders order real estate appraisals to make sure they aren't loaning too much for a home. Appraisals are required for all real estate purchase transactions where the home buyer needs a mortgage loan. 492 0 obj <> endobj 0 Execution, Learning The views expressed are those of the contributing members of the FAQs Team, as well as news services and websites linked hereto, and do not necessarily reflect the views or policies of Lenders Compliance Group, any governmental agency, business entity, organization, or institution. To be named as the client in a report, one must have been the party who engaged the appraiser. demonstrate that the lender transferring the appraisal is complying with Lender B does not have to be named as client, according to the FIRREA requirements. As with all other Does anyone have any ideas. Such a process would give the broker an element of responsibility for selecting or retaining the appraiser, and therefore would not be compliant. Even if you need a new appraisal you can generally get a discount because it the appraiser has already done the leg work and the second time around will require much less work. One additional point regarding assignments for lenders: Appraisers should be aware that the appraisal requirements of FIRREA allow a regulated lender to use a report that was prepared for another financial services institution. Appraisers certify their reports (i.e., they may include a certification per SR 2-3 in an appraisal report), but this certification has nothing to do with the ownership of, or rights to use, the report. As appraisers, we are not in the business of selling reports; we are in the business of selling our expertise and our opinions. (In the case of a review report, a similar requirement is found in Standards Rule 3-4(b).) %PDF-1.7 % 0 If the mortgage lender does not feel comfortable with the home appraisal, he or she can request a field review appraisal. Yes. Each lender must develop its own policies, procedures, and documentation. Again, the question as to whether or not you can do so depends on the issue of confidentiality. Yes; however, you cannot disclose any confidential information contained in the report prepared in the previous assignment for a different client without that prior client's permission. (Source: USPAP). Homebuyers can cancel the purchase contract if the home inspection and/or home appraisal does not come to the satisfaction of buyers. Often it is not clear what clients mean when they use the term recertify, and appraisers need to help remedy the confusion. The time period of rescission in a refinancing situation does not constitute a valid three-day waiver period. Conventional loans are the least restrictive, and in most cases an appraisal for an existing home is good for 120 days, while an appraisal for a new home is valid for one year. AIR states that members of the lenders loan production staff who are compensated on a commission basis or who report to any officer of the lender not independent of the loan production staff and process are not permitted to order appraisals or influence the selection of appraisers. What documentation is required during an appraisal transfer to 0000052934 00000 n In sum, a new client means there is a new assignment which necessitates the preparation of a new report. Can I recertify a report to another client? The Selling Guide requirements for the appraiser remain at their same high level. Further, keep in mind that in providing a report to another client, you are extending your liability to that client. 0000002625 00000 n All rights reserved, Conventional Appraisal Guidelines on Transfering a Home Appraisal From One Lender to a New Lender. Is <<509AB35289C28A4EAF59CC82BC2B825F>]/Prev 164713/XRefStm 2244>> And other times the requesting party has no knowledge of, and therefore doesnt mention, the previously prepared report. the lender who sold the loan to Freddie Mac, fully responsible for any Such a notion would be inconsistent with the underlying principle in USPAP that the appraisers role is to be independent, impartial, objective, and unbiased. A lender may accept an appraisal from a correspondent lender that Another common misconception in performing valuation assignments is that if the value opinion in the second assignment is exactly the same as the value opinion in the first assignment, then communicating the value opinion in the second assignment breaches confidentiality with the first client. Submit all the same documents to the new lender. A correspondent is a third-party entity that may originate and underwrite the mortgage. For example, an appraiser who in casual conversation tells another appraiser, another client or anyone else, I appraised that property for $1,000,000, is divulging assignment results. Can a previous appraisal be used for a subsequent limited cash -out refinance transaction when the borrower is The appraisal rebuttal process normally takes a week. Conventional Appraisal Guidelines During The Home Buying And Mortgage Process, Delays in the Conventional Appraisal During the Mortgage Process, More on Understanding the Importance of Conventional Appraisal, When Is The Home Appraisal Ordered and How Long Does It Take, Conventional Appraisal Guidelines on Having Contact With The Appraiser, Conventional Appraisal Guidelines on the Condition of the Property, Lower Value Than Purchase Price on Conventional Appraisal, Nearby Comparable Recent Sales To The Subject Property Requirements. No. A preapproval shouldn't take long. The Appraiser Independence Requirements (AIR) were developed by Freddie Mac, the Federal Housing Finance Agency (FHFA), Fannie Mae, and key industry participants and went into effect October 15, 2010. AIR does not apply to appraisals for cancelling mortgage insurance based on current value. This means they are saying I have to pay $500 for the appraisal that was done, and now 2 weeks later need to pay the second lender another $500 to have possibly the same exact appraiser do it again. This is because this is used to determine the value of the property the mortgage lender is using as collateral against the mortgage loan they are giving you. Yes. They can try, and often do try, mostly out of spite for losing the loan, but with a threat to notify the CFPB and take other action against them, usually the appraisal is released right away. Most lenders depend on the comparable approach appraisal. Will Freddie Mac hold Lender B liable for remedies if it is discovered after Long story short, I went through a refinance application with one lender, had the appraisal done 2 weeks ago, and Im getting ready to close. 0000006876 00000 n Ordering a Home Appraisal During Mortgage Process is done after the home inspection. CLN Can Help. %%EOF 492 66 A. The value conclusion might even be the same. Uniform Standards of Professional Appraisal Practice (USPAP). appraisal was obtained in a manner consistent with AIR that the appraisal However, there are cases where appraisals come in lower than the purchase price of the home. If the lender receiving the transferred appraisal determines the An analogy would be if you sold your car to Party A, you couldnt then sell it to Party B, as it is no longer yours to sell. AIR allows Lender B to originate a loan using an appraisal The following FAQs provide additional clarification on implementation of these requirements. When the request is to recertify, clarification with the client is imperative. Your lender can give you a list of these fees. At an absolute minimum, the degree of separation should be no less than one level up in the reporting structure. What assignment conditions (extraordinary assumptions, hypothetical conditions, supplemental standards) apply? The lender may direct a broker to an authorized AMC if the lender has previously arranged for its appraisal process to be managed by the specifically authorized AMC. As soon as it's been re-assigned then your new lender can access the appraisal through the VA portal. Q3. 0000054353 00000 n The lender must review its systems to ensure that the selection-of-appraiser process is in compliance with AIR. The three-day period begins on the day of the receipt of the appraisal. violations of AIR and our Guide requirements. So, for instance, a borrower may write a check to a broker, or provide their credit card information to a broker, for the broker to send to the lender or to an agent authorized by the lender. If the home buyer is required a 3.5% down payment for the property purchase, the home buyer needs to come up with 3.5% of the $100,000 appraised value as well as the additional $10,000 ($110,000 actual purchase price) for a total of $13,500 along with closing costs to complete this real estate purchase transaction. However, the lender delivering the loan to Fannie Mae makes all representations and warranties that the loan complies with the requirements of the Fannie Mae Selling Guide and related documents. If you still have Technical Support questions, Why? In short, the only way to be named as client in the report is to actually be a client. Recertify tends to be an abused term. In those rare instances in which the lender followed its policies and procedures but the borrower did not receive the appraisal three days prior to closing, the loan may close without delay if the borrower waives the three-day requirement and is provided a copy of the appraisal on the day of closing. The seller is required under AIR to adopt written policies and procedures ensuring disciplinary rules on appraiser independence, including the principles detailed in Section I. Q4. Even if the original appraiser/client relationship is disclosed, this problem cannot be overcome. USPAPs definition of assignment results is an appraisers opinions and conclusions developed specific to an assignment. By definition, the assignment results are different by virtue of the fact that there are two different assignments even if the numbers are the same. Home appraisal reports are extremely detailed and consist of the following: The appraiser will not his opinions and other comments on the home appraisal report. Once that issue is resolved, the next questions to be answered are: In many such cases there may be little additional work in performing a new assignment for another client. Can I reassign a report to another party? Lender Quality Control System No. AIR specifically prohibits lenders from accepting appraisal reports completed by an appraiser selected, retained, or compensated in any manner by mortgage brokers and real estate agents. Lender A (an approved Fannie Mae Seller/Servicer) originates and No. No. Mortgage FAQs by Experts in Residential Mortgage Banking. Preapproval requires furnishing documents, Hosterman says, that prove your income to a lender. They need to list five comparables to the subject property. 0000003921 00000 n Nothing in AIR requires a lender to obtain a property valuation, or to use any particular method for property valuation. Lenders Compliance Group makes no representation concerning and does not guarantee the source, originality, accuracy, completeness, or reliability of any statement, information, data, finding, interpretation, advice, opinion, or view presented in the FAQs website. Like many of the top VA mortgage lenders, USAA allows borrowers to pay $0 down on their home purchase loans. No person on a lenders staff may provide an appraisal management company a list or panel of appraisers to be used for loans involving a specified mortgage broker, real estate agent, or loan officer. We will explain more about conventional appraisal guidelines and how it works on home purchase and refinance transactions. Section II only prohibits a lender from ordering a second appraisal when they are attempting to influence the outcome of the first appraisal and are now value-shopping. For example, in a non- waiver situation, if a borrower received an appraisal on Monday, the closing could be held on Wednesday. 0000064402 00000 n Q5. FHA appraisals versus conventional appraisals are Conventional loans are not guaranteed by the government like FHA, VA, and USDA loans are. endstream endobj 493 0 obj <>/Metadata 36 0 R/Pages 35 0 R/StructTreeRoot 38 0 R/Type/Catalog/ViewerPreferences 494 0 R>> endobj 494 0 obj <> endobj 495 0 obj <>/MediaBox[0 0 612 792]/Parent 35 0 R/Resources<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]/XObject<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 496 0 obj <>/Dest[495 0 R/XYZ 33 689 0]/F 4/Rect[33.75 475.32 577.75 492.89]/StructParent 1/Subtype/Link>> endobj 497 0 obj <>/Dest[495 0 R/XYZ 33 319 0]/F 4/Rect[43.75 462.75 577.75 475.32]/StructParent 2/Subtype/Link>> endobj 498 0 obj <>/Dest[6 0 R/XYZ 33 664 0]/F 4/Rect[43.75 450.18 577.75 462.75]/StructParent 3/Subtype/Link>> endobj 499 0 obj <>/Dest[8 0 R/XYZ 33 272 0]/F 4/Rect[43.75 437.61 577.75 450.18]/StructParent 4/Subtype/Link>> endobj 500 0 obj <>/Dest[8 0 R/XYZ 33 150 0]/F 4/Rect[43.75 425.04 577.75 437.61]/StructParent 5/Subtype/Link>> endobj 501 0 obj <>/Dest[10 0 R/XYZ 33 329 0]/F 4/Rect[43.75 412.47 577.75 425.04]/StructParent 6/Subtype/Link>> endobj 502 0 obj <>/Dest[12 0 R/XYZ 33 651 0]/F 4/Rect[43.75 399.9 577.75 412.47]/StructParent 7/Subtype/Link>> endobj 503 0 obj <>/Dest[12 0 R/XYZ 33 392 0]/F 4/Rect[43.75 387.33 577.75 399.9]/StructParent 8/Subtype/Link>> endobj 504 0 obj <>/Dest[12 0 R/XYZ 33 146 0]/F 4/Rect[43.75 374.76 577.75 387.33]/StructParent 9/Subtype/Link>> endobj 505 0 obj <>/Dest[16 0 R/XYZ 33 676 0]/F 4/Rect[43.75 362.19 577.75 374.76]/StructParent 10/Subtype/Link>> endobj 506 0 obj <>/Dest[16 0 R/XYZ 33 379 0]/F 4/Rect[43.75 349.61 577.75 362.19]/StructParent 11/Subtype/Link>> endobj 507 0 obj <>/Dest[16 0 R/XYZ 33 232 0]/F 4/Rect[43.75 337.04 577.75 349.61]/StructParent 12/Subtype/Link>> endobj 508 0 obj <> endobj 509 0 obj <> endobj 510 0 obj <> endobj 511 0 obj <> endobj 512 0 obj <> endobj 513 0 obj <> endobj 514 0 obj <> endobj 515 0 obj <> endobj 516 0 obj [200 0 0 0 0 0 0 0 303 303 0 0 249 311 249 0 497 497 497 497 497 497 497 497 497 497 249 249 0 0 0 0 0 544 588 571 615 527 494 617 652 263 0 0 486 727 647 664 566 664 569 534 536 0 515 786 0 476 0 0 0 0 0 0 0 504 553 456 555 496 292 504 544 246 247 495 255 829 547 542 555 555 347 419 338 544 467 718 446 467 425 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 744] endobj 517 0 obj <> endobj 518 0 obj [200 0 0 0 0 0 0 300 344 344 0 0 300 332 300 339 528 528 528 0 0 0 0 0 528 0 0 0 0 0 0 463 0 573 605 582 635 0 524 0 674 301 0 0 518 762 665 684 596 0 613 556 556 665 556 813 0 0 0 344 0 344 0 0 0 527 573 467 573 518 341 534 571 276 278 548 286 857 572 555 573 573 398 443 383 568 523 776 514 521 460] endobj 519 0 obj [540 0 R] endobj 520 0 obj <>stream & Insights, Pricing & (8) does not preclude the management of appraiser lists for bona fide administrative reasons based on written, management-approved policies. So you must ask yourself: In completing a new assignment involving the same property for a second client, would I need to disclose information that was considered to be confidential by the first client? Yes. No. To justify such comparable sales, the appraiser will justify his subject property value by positive or negative adjustments with the location of the comparable sales compared to the subject property. . Although this annual growth rate is smaller than the national rate of 13.5%, the median price of homes in Rhode Island is much higher than the average across the country, which is $358K . Keep in mind that since 2010, USPAP has required disclosure of any prior service involving the same property within three years prior to the date of engagement. We define closing as the date the borrower executes the loan documents. In many cases, performing a new assignment for a second client would not require the appraiser to divulge any confidential information. (Note that the appraiser does not owe a duty of confidentiality to other intended users.) Any exchange of information contained herein does not, and is not intended to, create or constitute an attorney-client relationship, a relationship with Lenders Compliance Group, Inc., or its Subject Matter Experts, or its affiliates and subsidiaries. Once you are clear on what the requesting party is asking you to do, the following Q&As might help you decide how to respond. 0000004993 00000 n But if lower rates mean you would save $300 on your monthly . However, if there are no comparable sales within a mile radius, the appraiser needs to go further out to find comparisons to the subject property. 0000005552 00000 n If this is the case, the home buyer can order an appraisal rebuttal through their lender. Updated September 09, 2019. 200 W. Madison, Suite 1500, Chicago, IL 60606. hVn8>X"Pp85t$Yke"=ChbA&F31LLck Conventional appraisals do not transfer from lender to lender. Enforcement Procedures & Peer Review Actions, McGraw-Hill Construction Forecasts and Trends, Standard and Poor (S&P) Reports and Indices, Appraisal Regulatory System Modernization, High Performances Buildings / Green Valuation, State Licensing & Certification Requirements, Appraisal Institute Education & Relief Foundation, Leadership Development and Advisory Council, Appraisal Institute Code of Professional Ethics, written engagement letter with the client. May an appraisal be transferred to a lender from a correspondent Second, simply changing the name of the client and then forwarding the readdressed report to the second client could harm the confidential nature of the appraisers relationship with the first client. The appraiser has agreed to extend his or her liability to this new client in allowing that party to rely on his or her value opinion. 0000005855 00000 n Geographical area notes such as schools, neighborhood analysis, property values in the area, growth, etc. 0000009142 00000 n Q1. Requests for valuation services are presented to appraisers in an assortment of ways, and the appraisers first tasks are to ascertain (1) exactly what the party is requesting and (2) whether what the party is requesting is appropriate given their intended use. Such a letter would, in effect, add that party as an intended user after the completion of an assignment, and you cannot do that. First, make sure you understand what is being requested. (For best result, pose your search like a question. 0000063431 00000 n Home appraisals are required by the lender. If so, you cant take on the assignment without obtaining prior permission of the first client to release that confidential information. In addition, the appraiser is required to be provided a copy of the sales contract for a purchase money transaction.
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