appraisal report
278) Copy of the Appraisal
03/22/08
Dear H2,
I provided an appraisal in May 2007 for a mortgage broker. Subsequently, this broker has gone out of business. The property owner is asking me for a copy of the appraisal. I explained that it is the property of the broker (who was my client) and I need his permission to give it to the property owner per USPAP and intended user rules. However, he can't be located. What are my options? As an aside, this loan never closed so there is no next step up the ladder.
Thanks for your help.
Liz Covington lcovington@tampabay.rr.com
Dear Liz,
I don't think you should do anything. If they really need the appraisal, they can get a court order for you to give it to them.
H2
I provided an appraisal in May 2007 for a mortgage broker. Subsequently, this broker has gone out of business. The property owner is asking me for a copy of the appraisal. I explained that it is the property of the broker (who was my client) and I need his permission to give it to the property owner per USPAP and intended user rules. However, he can't be located. What are my options? As an aside, this loan never closed so there is no next step up the ladder.
Thanks for your help.
Liz Covington lcovington@tampabay.rr.com
Dear Liz,
I don't think you should do anything. If they really need the appraisal, they can get a court order for you to give it to them.
H2
166) Homeowner Copy
11/27/07
Dear Henry,
If a lending institution orders an appraisal, does the homeowner have a right to a copy of the appraisal is in Massachuetts?
Greg gsadowski@comcast.net
Dear Greg,
Thanks for sending the question which I am sure is of general interest.
As you know the USPAP prohibits the appraiser from giving a copy of the appraisal to anyone who is not the client without the client's permission, even if the property owner paid for the report and/or the appraiser collected the fee from the homeowner for the lender client.
However, the Federal Reserve System Part 202 Equal Credit Opportunity Act known as Regulation B says in Section 202.5a (a) "Providing Appraisals. A creditor shall provide a copy of the appraisal report used in connection with an application for credit that is to be secured by a lien on a dwelling." The regulation goes on to say that the lender: "has a choice of providing the appraisal on a routine basis or upon the request of the dwelling owner."
Even though Massachusetts is a Commonwealth rather than a State, I think this regulation applies there too.
H2
If a lending institution orders an appraisal, does the homeowner have a right to a copy of the appraisal is in Massachuetts?
Greg gsadowski@comcast.net
Dear Greg,
Thanks for sending the question which I am sure is of general interest.
As you know the USPAP prohibits the appraiser from giving a copy of the appraisal to anyone who is not the client without the client's permission, even if the property owner paid for the report and/or the appraiser collected the fee from the homeowner for the lender client.
However, the Federal Reserve System Part 202 Equal Credit Opportunity Act known as Regulation B says in Section 202.5a (a) "Providing Appraisals. A creditor shall provide a copy of the appraisal report used in connection with an application for credit that is to be secured by a lien on a dwelling." The regulation goes on to say that the lender: "has a choice of providing the appraisal on a routine basis or upon the request of the dwelling owner."
Even though Massachusetts is a Commonwealth rather than a State, I think this regulation applies there too.
H2