Property owner copy

[Monica (N GA)]

I just received an order today which has the following:

"..Order is for PMI removal and 1 copy of the appraisal should be mailed to borrower at the address that was appraised via regular mail."

How do you feel this fits in with client confidentiality? Why can't the lender mail them a copy?

Also why on earth would the lender who holds the mortgage require that the appraisal be ordered through an AMC? All of the PMI elimination appraisals I have ever done have been for the property owner directly. Go figure.

Monica

 

[Pamela Crowley (Florida)]

Some lenders, Countrywide for one I believe, have been in trouble for telling their borrowers that want to get rid of the PMI that they must use their AMC to do it. Didn't follow up on that one.

Regarding them telling you to send one copy to the borrower, no problem for you to do that with their instructions.

 

[wyecoyote]

We regulary do this for one client that requests PMI appraisals.

 

[Rick Hess]

Ok, I'm so new I haven't finished my schooling yet, and haven't been hired as yet either. So, I'm gonna ask lots of questions. For starters, what is a PMI???

 

[Pamela Crowley (Florida)]

Private Mortgage Insurance.

Added to the mortgage payments when the loan is above 80% LTV (Loan To Value)

No dumb questions from newbies here. There is soooo much to learn in this business.

 

[Rick Hess]

Thanks Pam, preciate the info. The more I read here, the more I know I don't know, so look for lots and lots of questions. 52 was a great year, although don't know how I'm gonna fare upon hittin the half century mark. See ya there in the not so distant future. hahahahahaha

 

[Anonymous]

Perfectly fine to give a copy to whom ever your client directs you to in their order or written instructions.

 

[Jo Ann Meyer Stratton]

I had a situation several years ago where a property owner contacted me about having an appraisal done to have PMI removed. Her lender told her to order the appraisal. She gave me the name and phone number of her lender because their requirement was that they had to be the client. Turned out I was not on their approved list so they wouldn't order from me because they only ordered through AMCs. So then I had to call the AMC's on their approved list until I found an AMC that would order the appraisal. The borrower then had to pay that AMC for the appraisal. The AMC then had to wait for her lender to order an appraisal before they placed the order with me. So finally three weeks after the initial phone call from the borrower I do the report, bill the AMC and then had to wait two months to get paid by the AMC. But in the instructions from the AMC I had to send two originals to the borrower so she in turn could send it to the lender. The AMC never ordered another report from me because I will not discount my fees--and the fee the borrower had to pay was $100 more than if she had been able to order the report directly from me. But she did get her PMI removed. Now her house is on the market--and I am watching closely, because her listing price is 20% higher than my appraised price. So when it finally sells--it will be interesting to see the final sales price. It is a one of a kind property!

 

[Mountain Man]

:roll: What a story, that is simiply crazy. If I were the homeowner, I think I would have told the lender that I understand that the AMC may have a service contract, so just mail them a check for their fee and let me get my appraisal done.

 

[Terry Russell]

If a subject property owner(s) requests a copy of their property's appraisal. But the lender says " I am not supposed to show it to you". But in maintaining borrowerlender relations the lender says, "OK, but don't tell the appraiser." Is this lender blowing smoke or is he not bound to the borrower's request? Thanks Terry