Should E&O Be Put In Report

[SLANGWSU]

I AM BEING ASKED TO PUT E&O PROOF IN REPORT. IS THIS LEGAL.

 

[mikeinpittsburgh]

Yes.

Ten characters.

 

[Jay Emmar]

I AM BEING ASKED TO PUT E&O PROOF IN REPORT. IS THIS LEGAL.

Legal? I would think it to be legal, in that it would not violate any laws that I am aware of. If you are questioning as to whether or not it is a reasonable expectation of a lender, or if you are questioning as to whether or not you should do it, that depends on you. Is it a requirement? No. It is simply a request being made by the lender. The only "requirements" of an appraisal report are to provide enough data and supporting documentation in order to communicate a credible report. E&O insurance is not a part of the valuation process.

To include a PDF of your E&O certificate would create a situation where you are sharing this information with the world. I would not do it, rather I would send it to the lender under separate cover.

 

[Lloyd Bonafide]

I have a couple of clients who require it, otherwise I don't include it. One client that requires it is also my best client, so it doesn't bother me at all.

 

[Paul Isolda]

Legal is not the question, wise is the question. Personally, I would not do it. Send it separately to the client, what they do with it is beyond your control but I would never include it as part of the report.

 

[moh malekpour]

The one who orders the appraisal can ask for anything which is not illegal. they can ask to inculde your picturer, your social security number or your DNA. E & O is not required by Fannie Mae, Freddie Mac, FHA or USPAP. I don't know why E & O is so important to some lenders and what the hell they can do with it. It is the appraiser who should care to have E & O . The E & O does not make appraiser more qualified, more educated, more expereinced and not more cautious. It makes some appraisers less cautious because they think if they did something wrong, their E & O is going to cover them

 

[Lloyd Bonafide]

E & O is not required by Fannie Mae, Freddie Mac, FHA or USPAP. I don't know why E & O is so important to some lenders and what the hell they can do with it.

Some investors require it, so when I am asked, I will include it.

 

[Terrel L. Shields]

I usually find clients like that are not worth having as clients anyway...

 

[moh malekpour]

Every skippy had E & O. Did any investor or lender go after them or their E & O. The only ones who got to the court are those with crimes and big fraud accusations. No E & O covers those big crimes so they would be out of luck from their E & O.