collecting fees
2) When the Borrowers Pay
10/10/06
Dear Henry,
A mortgage company gave me an order, but the borrower is paying me directly by certified check or cash. The borrower is demanding a copy of the report. Am I correct that he can have a copy from the mortgage company if they agree to give him one (they have agreed), and that I cannot give him the copy myself, even though he is paying me directly? I assume the report belongs to the company that orders it, even though the borrower is paying me, and not them. Thanks, Henry!
Diane Bonjorno dianedsic@comcast.net
Dear Diane,
The 2006 USPAP makes it clear that you must deliver the appraisal to the Client you have identified in the appraisal report. If the appraisal is for a loan from a lender, the lender must order the appraisal, be named as the client, and be the only one that receives the appraisal from you. It makes no difference who pays you.
Yours,
H2
A mortgage company gave me an order, but the borrower is paying me directly by certified check or cash. The borrower is demanding a copy of the report. Am I correct that he can have a copy from the mortgage company if they agree to give him one (they have agreed), and that I cannot give him the copy myself, even though he is paying me directly? I assume the report belongs to the company that orders it, even though the borrower is paying me, and not them. Thanks, Henry!
Diane Bonjorno dianedsic@comcast.net
Dear Diane,
The 2006 USPAP makes it clear that you must deliver the appraisal to the Client you have identified in the appraisal report. If the appraisal is for a loan from a lender, the lender must order the appraisal, be named as the client, and be the only one that receives the appraisal from you. It makes no difference who pays you.
Yours,
H2