Can a borrower pay the appraiser directly for an appraisal that is ordered by the lender?
Since the regulated institution has engaged the appraiser for its services, the regulated institution should be the party to remit payment to the appraiser. The regulated institution may seek reimbursement from the borrower for the cost of the appraisal. However, the borrower may not recommend an appraiser to the institution or select the appraiser.
Related Questions
- Can a lender collect from the borrower an appraisal fee of $200, listing the fee as such on the HUD-1, yet pay an independent appraiser $175 and collect the $25 difference?
- Does AIR prohibit an appraiser from collecting payment for the appraisal directly from the borrower?
- Can a borrower pay the appraiser directly for an appraisal that is ordered by the lender?
