Borrower wants a copy of Appraisal

[Jeff Horton]

Just got off the phone with a rather aggravated borrower. He wanted a copy of the Appraisal just as soon as it was done. Of course the Bank is my client so I can not give him a copy. I tried to explain to him but he was not happy and didn't accept my answers.

The question is, is there somewhere that states this CLEARLY in USPAP or and an Advisory Opinion or something that I could quote from? I would like to print me up a sheet and quote the law so I could give or read it to a borrower. So they would not think I am making this up. I looked just now but didn't see anything that was clear in USPAP.

 

[Warren Sumner]

You know Jeff, you bring up a good point. Perhaps we can get together as appraisers and develop a pamphlet to hand to borrowers and explain these things in layman's terms to them at the time of inspection. That way, they're not suprised later on. I think a resource like that would be very valuable.

 

[Verne Hebert]

You are doing that crap today? I tell them the bank owns the report-you can't give away something you do not own. This is the best delivery I have found. After work grab a cold pack and wander through USPAP;it' in there. I used to have a copy and I would fax it to the unencoragable-I don't waste the time anymore.

 

[Jeff Horton]

Great idea!! I will offer to layout a brochure in Word if there is enough information generated. I could post it on my web site for other Appraiser to download. Then they customize it with their company name and logo if they wanted.

That is a great idea Warren!!

 

[Restrain]

At the end of every appraisal inspection where the borrower is present, I explain that he should get a copy of the appraisal but he has to get it from the lender and that even though he is paying for the report, the lender is my client. I tell them it's because of federal law and that's just the way it is. They may not like it, but they accept it.

 

[rtubbs]

I explain that I have provided the lender with "x" originals of the appraisal and that one of those is for the borrower and will be provided by the lender at closing. I also advise them if they want a copy of the appraisal prior to closing to contact the lender. I have, in the past, provided a copy to the homeowner when the lender directs me to-don't have a problem with that at all.

Ron in Alabama

 

[Keri]

Jeff

I think the truly great idea is that you volunteered to post a completed brochure for us to use! Yippee!

Only one problem - you didn't give us your website address.



Keri

 

[Jeff Horton]

Keri, there is a link on all my messages to my web site. Look at the bottom of this post for the button marked WWW

However I have not created this brochure yet. Once I get this done, assuming I get enough input, I would probably put it on a private page and just post the link to it here.

 

[Keri]

Jeff,

I'm blushing with embarrassment - was too excited about the upcoming brochure to notice the WWW link.

I seriously think the brochure is a great idea. Hope it comes to fruition soon.


Keri

 

[Jeff Horton]

OK Keri, give me some input as to what to put in the brochure!

Yea, I am putting you on the spot!

Jeff <*><