Can the regulated institution accept an appraisal prepared by an appraiser who is a family member of the loan broker who engaged him/her?
The agencies’ appraisal regulations do not address family relationships between the appraiser and the person who engages the appraiser. However, the agencies’ appraisal regulations do not permit a regulated institution to accept an appraisal in which the appraiser has a direct or indirect interest, financial or otherwise, in the property or the transaction. Therefore, the regulated institution should review appraisals where a potential conflict of independence may exist and should accept the appraisal only if it can determine that the appraiser is independent of the transaction.
Related Questions
- Can the regulated institution accept an appraisal prepared by an appraiser who is a family member of the loan broker who engaged him/her?
- How can a regulated institution ensure appraiser independence when accepting an appraisal prepared for a financial services institution?
- Can a regulated institution accept an appraisal prepared by an appraiser who was engaged by a loan broker?
