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  #1  
Old 01-19-2006, 05:57 AM
Chuck Robbins Chuck Robbins is offline
 
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: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?

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

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
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Old 01-19-2006, 06:04 AM
Annemieke Roell's Avatar
Annemieke Roell Annemieke Roell is offline
 
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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  
Old 01-19-2006, 07:31 AM
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Tom McDowell Tom McDowell is offline
 
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"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."
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Old 01-19-2006, 08:12 AM
Mary Tiernan Mary Tiernan is offline
 
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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  
Old 01-19-2006, 08:20 AM
Wendy Wendy is offline
 
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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  
Old 01-19-2006, 08:47 AM
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Tony V Tony V is offline
 
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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.
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Last edited by Tony V : 06-13-2011 at 10:36 PM.
  #7  
Old 01-19-2006, 09:51 AM
Ruben Ramon Ruben Ramon is offline
 
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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  
Old 01-21-2006, 03:25 PM
Otis Key's Avatar
Otis Key Otis Key is offline
 
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Quote:
Originally posted by Ruben Ramon@Jan 19 2006, 09:51 AM
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.
Why? Where? I don't see that.
  #9  
Old 01-21-2006, 04:36 PM
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George Hatch George Hatch is offline
 
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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.

Quote:
11423.* Appraisal report; loans secured by real property; right of access; notice
(a) For purposes of this section:
(1) "Applicant"* means a person* who* has* made a* written* request* for* an
extension of credit which is proposed to be secured by real property.* The term does not include a guarantor, surety, or other person who will not be directly liable on the loan.

(2) "Appraisal" shall have the same meaning as set* forth* in subdivision (B) of
Section 11302.

(3) "Residential* real* property"* means real* property* located in the* State of
California containing only a one-to-four family residence.

(B) A* lender in a loan transaction secured by* real property* shall* provide notice* as described in this* section to* a loan applicant* of the* applicant's* right to* receive a copy* of the appraisal, provided he or she has paid for the appraisal.
An applicant's* written* request* for* a* copy* of* an* appraisal* must* be* received by* the lender no later than 90 days after

(1) the lender has provided notice of the* action taken on the* application,* including a* notice* of* incompleteness,* or*

(2)* the* application* has* been withdrawn.

The* lender shall* mail or* deliver a* copy* of* an* appraisal* within* 15* days* after receiving a* written* request* from the* applicant,* or* within* 15* days* after* receiving the appraisal, whichever occurs later.
  #10  
Old 01-21-2006, 05:52 PM
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Otis Key Otis Key is offline
 
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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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