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Does Section I.B.(9) specifically prohibit a lender from ordering a second appraisal?

April 26, 2017appraisal i.b Lender ordering prohibit section

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Does Section I.B.(9) specifically prohibit a lender from ordering a second appraisal?

2 Answers

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No. Section I.B.(9) only prohibits a lender from ordering a second appraisal when they are attempting to influence the outcome of the first appraisal and are now “value-shopping.” As a risk control measure for certain loan products, it may be common for a lender to order more than one appraisal, and this subsection does not prohibit that practice.

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No. Section I.B.(9) only prohibits a lender from ordering a second appraisal when they are attempting to influence the outcome of the first appraisal and are now “value-shopping.” As a risk control measure for certain loan products, it may be common for a lender to order more than one appraisal, and this subsection does not prohibit that practice. Q10.