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I Paid You & I Can't Have A Copy?

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vargasteve

Junior Member
Joined
Jan 21, 2002
Professional Status
Certified Residential Appraiser
State
California
Whether they want the appraisal for personal file use, or to get a different loan from a new bank or what ever one this is the best story I heard yet;

Nice lady customer was a nurse - I told her she actually needs to get a copy from the lender due to guidelines we follow - she said:

"I understand, I work for a hospital. When we take tests, exrays, or other services for the customer even if they paid us directly we are prohibitted (PERIOD) from giving the customer the work directly. They must go to the doctor who ordered the service. Its the doctor who has that responsibility to provide the customer any copies of the service by law"

Do you guys have similar good stories..
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Steve: that Medical analogy does work...
Most doctors offices now have HUGE liability in terms of privacy... and compliance... stupid laws for them are worse than ours!

I can't think of any other professions which have MORE 'issues'. :angry: I am sure they are out there.
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
"An appraiser must not disclose confidential information or assignment results prepared for a client to anyone other than the client…," and USPAP defines the client as "the party or parties who engage an appraiser (by employment or contract) in a specific assignment."

So, even though you're paying for the report--the lender orders the appraisal and the appraiser, therefore, cannot disclose to you any of their opinions or conclusions. The appraiser can, however, disclose this information to you if they have prior permission from your lender, and the appraiser would be advised to get that permission in writing.

How do you get a copy of the appraisal if your lender doesn't provide you with one? In this case it pays to know your rights. Section 202.5a of the Federal Equal Credit Opportunity Act spells out these rights quite clearly.

If you are dissatisfied with any information contained in your appraisal report, you should contact your lender immediately.

12 C.F.R. Section 202.5a Rules on providing appraisal reports.
(a) Providing appraisals. A creditor shall provide a copy of the appraisal report used in connection with an application for credit that is to be secured by a lien on a dwelling. A creditor shall comply with either paragraph (a)(1) or (a)(2) of this section.

(1) Routine delivery. A creditor may routinely provide a copy of the appraisal report to an applicant (whether credit is granted or denied or the application is withdrawn).

(2) Upon request. A creditor that does not routinely provide appraisal reports shall provide a copy upon an applicant's written request.

(i) Notice. A creditor that provides appraisal reports only upon request shall notify an applicant in writing of the right to receive a copy of an appraisal report. The notice may be given at any time during the application process but no later than when the creditor provides notice of action taken under Section 202.9 of this part. The notice shall specify that the applicant's request must be in writing, give the creditor's mailing address, and state the time for making the request as provided in paragraph (a)(2)(ii) of this section.

(ii) Delivery. A creditor shall mail or deliver a copy of the appraisal report promptly

(generally within 30 days) after the creditor receives an applicant's request, receives the report, or receives reimbursement from the applicant for the report, whichever is last to occur. A creditor need not provide a copy when the applicant's request is received more than 90 days after the creditor has provided notice of action taken on the application under Section 202.9 of this part or 90 days after the application is withdrawn.

(B) Credit unions. A creditor that is subject to the regulations of the National Credit Union Administration on making copies of appraisals available is not subject to this section.

© Definitions. For purposes of paragraph (a) of this section, the term dwelling means a residential structure that contains one to four units whether or not that structure is attached to real property. The term includes, but is not limited to, an individual condominium or cooperative unit, and a mobile or other manufactured home. The term appraisal report means the document(s) relied upon by a creditor in evaluating the value of the dwelling.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
My comments go something like this;

Home Owner: "Can I have a copy of the report? I paid for it."

Appraiser: "No ma'am. I'm sorry but the finished report does not belong to me. It belongs to my client, your lender. I am forbidden from giving it out to anybody but my client.

However, under the Fair Credit Act, the lender is required to give you a full copy of it. If they don't, just ask them for it. And don't let them give you just a couple of pages. You should make sure you get a copy of the whole report, all 8 to 15 pages, and keep it for future reference."

Short, simple answer does it and puts the burden for giving the report to the borrower where it belongs; with the lender.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Our appraisal board (Colorado) created a very nice letter concerning this that is down loadable in .pdf format. I printed it off and made copies which I carry on my clipboard. If the issue comes up, I just give them a copy of the letter from the State. You can check it out at the Colorado DORA website.
 

SmilingDog

Member
Joined
Apr 22, 2003
Professional Status
Certified Residential Appraiser
State
California
Mike,

I wish we had a letter like that here in Calif. Unfortunately our state board that oversees appraisers is in a huge financial hurt, and they've even taken their email address off their website!

In Calif. the Office of Real Estate Appraisers is financed solely by license fees and enforcement fines, as there are no tax dollars going into this.

But what a great idea if the state would furnish us appraisers with an official letter.
 

vargasteve

Junior Member
Joined
Jan 21, 2002
Professional Status
Certified Residential Appraiser
State
California
I have a letter - well its kinda a letter from the Calif. OREA regarding this issue - call me or email me & I'll provide it for you. They were nice enough not to actually put thier name on it - however it is from the OREA & quotes the appropriate CA law's which supports the guideline / directive.
 

Jeff Stokes

Freshman Member
Joined
Aug 17, 2002
Professional Status
Licensed Appraiser
State
California
This is linked from California's OREA website. Refer to page 25 of this PDF file for Notice to Borrowers and Homeowners explaining why they cant get a copy directly from the appraiser.

www.orea.ca.gov
 

vargasteve

Junior Member
Joined
Jan 21, 2002
Professional Status
Certified Residential Appraiser
State
California
Yes this is the same California OREA "Notice to Borrowers and Homeowners"

as I mentioned they didn't have the guts to put thier name on it. Its just a nice for with no heading & no source. Its a nice reasource, but I would like the OREA's name on it.
 
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