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Does the law require the borrower get a copy of the ........

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Verne Hebert

Thread Starter
Senior Member
Joined
Feb 25, 2002
Professional Status
Certified General Appraiser
State
Montana
appraisal report if it does not fund?

Does the lender have the option of giving the borrower a copy of the appraisal report if it does not fund (for whatever reason)?
 

George W Dodd

Senior Member
Joined
Jul 9, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
It is my understanding that if the borrower paid the appraisal fee to the mortgage/loan company then if they request a copy in writting then they are legally entitled to one.

I am not sure how it works if the lender pays for the appraisal or if their loan does not close due to credit issues, etc.

I would think they probably would get a copy if they requested one.
 

Red Blumenstock

Sophomore Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Florida
Since December of 1994, the lender has been required to provide a copy of a residential appraisal to a borrower if the borrower pays for it and requests it within a reasonable time. A notice to that effect is supposed to be given to the borrower at the time of the application.

I discovered that many lenders were providing only a copy of the URAR and not all the addenda, so I added a line to the reconciliation above my signature that "This report is invalid without all of the attached addenda numbering # pages."

I also added a new limiting condition that said, " This report has been prepared for my client (name) with whom Professional Standards require me to maintain a very strict confidentiality. If my client will provide written permission, I will consult with others for a prearranged consultation fee, to be paid at the time of the consultation."

Guees what? I never got a call. Anyone may use this statement if you think it worthwhile.
 
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