If the appraisal is ordered by the lender in a Code-compliant manner, are there any specific requirements about how the payment for the appraisal is transferred to the lender?
Except for the requirement that the broker may not be responsible for payment of compensation to the appraiser, the Code does not restrict how a lender obtains fees from a broker. So, for instance, a borrower may write a check to a broker, or provide their credit card information to a broker, for the broker to send to the lender or to an agent authorized by the lender.
Related Questions
- If the appraisal is ordered by the lender in a manner compliant with AIR, are there any specific requirements about how the payment for the appraisal is transferred to the lender?
- If the appraisal is ordered by the lender in a Code-compliant manner, are there any specific requirements about how the payment for the appraisal is transferred to the lender?
- Can an appraisal be transferred to a second lender if the borrower decides to move from one lender to another?
