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Does the Code prohibit an appraiser from collecting payment for the appraisal directly from the borrower?

April 26, 2017appraisal appraiser borrower code directly payment prohibit

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Does the Code prohibit an appraiser from collecting payment for the appraisal directly from the borrower?

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Yes, for loans to be delivered to Fannie Mae. The Code requires the lender or any third party specifically authorized by the lender to select, retain, and provide for all compensation to the appraiser.

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Yes, for loans to be delivered to Fannie Mae. The Code requires the lender or any third party specifically authorized by the lender to select, retain, and provide for all compensation to the appraiser. Q14.

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Yes, for loans to be delivered to Fannie Mae. The Code requires the lender or any third party specifically authorized by the lender to select, retain, and provide for all compensation to the appraiser. Appraisal Report Copies Q54. Does Section II of the Code require the lender to provide the appraisal free of charge? No. The Code requires the lender to provide, free of charge, a “copy” of any appraisal report completed in association with a specific loan. The lender may require the borrower to reimburse the lender for the cost of the appraisal.