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Ho Right To Copy When Ho Pays For Appraisal?

Discussion in 'Ask an Appraiser' started by Chuck Robbins, Jan 19, 2006.

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  1. Chuck Robbins

    Chuck Robbins New Member

    0
    Jan 16, 2006
    :question: When the borrower/HO pays, in advance, for an appraisal, is the HO entitled to an immediate copy of the appraisal from the broker/lender?

    :shrug: What can be done about a Broker/lender who will not provide the appraisal to the person who paid for it?

    :fencing: I'm talking about the original document, leaving the broker to make a copy for themselves if they want/need a copy for reference.

    :usa: I am in CA, but, I am sure HO's in all states would like an answer.

    Thanks, Chuck :beer:
     
  2. Annemieke Roell

    Annemieke Roell Senior Member

    0
    Aug 28, 2003
    Professional Status:
    Appraiser Trainee
    State:
    Oklahoma
    Chuck, the issue of an original report is pretty much moot these days as 99% of appraisal reports are transmitted via email.

    As far as the right to receive a copy ... I do believe that it is a federal law that the homeowner has a right to a copy of the report as long as it has been paid for. When you sign disclosures for your mortgage/refi there should be a form in there that tells you all about that right. I am citing from memory here but I believe that you have 90 days from closing to request a copy from the loan officer.
     
  3. Tom McDowell

    Tom McDowell Member

    0
    Jan 19, 2003
    Professional Status:
    Gvmt Agency, FNMA, HUD, VA etc.
    State:
    North Carolina
    "Under 12 U.S.C.A. Section 1691(e), part of the federal Equal Credit Opportunity Act, a residential mortgage applicant has the right to receive a copy of the appraisal report from the lender. To receive the copy of the appraisal report, the borrower must request it in writing from the lender within ninety days of submitting the loan application."
     
  4. Mary Tiernan

    Mary Tiernan Senior Member

    0
    Dec 16, 2003
    Professional Status:
    Retired Appraiser
    State:
    Michigan
    We should also point out the restrictions on appraisers through the Uniform Standards of Appraisal practice (USPAP) under which most appraisers are governed by their states.

    Under USPAP, we must keep a client confidentiality. Most appraisal reports can only be used in a lending transaction with the lender noted as the client on the report, and we are not allowed to discuss the appraisal results or give a copy of the appraisal to anyone but the client due to the confidentiality section of USPAP.
     
  5. Wendy

    Wendy Senior Member

    0
    Feb 23, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    The following info is printed on the bottom of every cod invoice I write. This is an invoice that I give to the home owner when they pay at the door. I point out and summarize it verbally to every time.

    "Our report of the appraisal will be delivered only to our client. Under the Confidentiality section of the ETHICS RULE of the Uniform Standards of Professional Appraisal Practice we are under a strong obligation to our client, and may not discuss the results of the appraisal with others, or provide copies of the report to others, without written permission from our client. Payment of this invoice by the borrower is made on behalf of the lender/client who order the appraisal and does not imply rights to the appraisal.

    Under 12 U.S.C.A. Section 1691(e), part of the federal Equal Credit Opportunity Act, a residential mortgage applicant has the right to receive a copy of the appraisal report from the lender. To receive the copy of the appraisal report, the borrower must request it in writing from the lender within ninety days of submitting the loan application. "

    This was lifted from the past comments of several forum members. Thanks guys!!
     
  6. Tony V

    Tony V Elite Member

    67
    Mar 29, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    Chuck

    i give out the below paperwork at most jobs that I do...It seems to clear up alot of this confusion for the H. O.
     
    Last edited: Jun 13, 2011
  7. Ruben Ramon

    Ruben Ramon Junior Member

    0
    Dec 29, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Michigan
    I do believe that the Gramm-Leach-Bliley Act also prevents us from giving a copy of the appraisal to anyone but the specified client if the appraisal was done for mortgage purposes.
     
  8. Otis Key

    Otis Key Elite Member

    0
    May 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    Why? Where? I don't see that.
     
  9. George Hatch

    George Hatch Elite Member

    363
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    California
    The borrower is not legally entitled to an original. Both the federal and state regulations refer to the right to receive a copy of the appraisal, if they paid for it and if they make the request in writing within 90 days.

    If the lender isn't providing copies as required by law that conflict is between the lender and the borrower - the appraiser isn't a party to that conflict and the laws regarding the borrower's right to receive a copy don't apply to the appraiser.

     
  10. Otis Key

    Otis Key Elite Member

    0
    May 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    I agree with you George. I'm just questioning Ruben's post and where it says that or where he got that information, because I've never seen that interpretation and I don't read it that way. Now, other sources, USPAP and etc., say so.
     
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