May a mortgage broker order an appraisal directly from an AMC that was specifically authorized by the lender?
The Code prohibits brokers from ordering appraisal services, but brokers may initiate the appraisal process on a lender’s behalf in accordance with arrangements made by the lender. See Q44 for details. Does the Code permit a mortgage broker to select an appraiser from the lender’s list of approved appraisers, if the lender is responsible for the relationship with the appraiser, including compensation? No. The Code prohibits lenders from relying on an appraisal where the broker had a role in selecting, retaining, or compensating the appraiser.
The Code prohibits brokers from ordering appraisal services, but brokers may initiate the appraisal process on a lender’s behalf in accordance with arrangements made by the lender. See Q37 for details. Q44. Does the Code permit a mortgage broker to select an appraiser from the lender’s list of approved appraisers, if the lender is responsible for the relationship with the appraiser, including compensation? No. The Code prohibits lenders from relying on an appraisal where the broker had a role in selecting, retaining, or compensating the appraiser.
Related Questions
- May a mortgage broker order an appraisal directly from an appraisal management company that was specifically authorized by the lender?
- May a mortgage broker order an appraisal directly from an AMC that was specifically authorized by the lender?
- Are borrowers precluded from directly paying a mortgage broker, lender or AMC for an appraisal?
