May a mortgage broker order an appraisal directly from an appraisal management company that was specifically authorized by the lender?
No. The Code prohibits brokers from ordering appraisal services. Q34. 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 an appraisal management company affiliated with, or that owns or is owned in whole or in part by the lender or a lender-affiliate, order appraisals?
- May a mortgage broker order an appraisal directly from an AMC that was specifically authorized by the lender?
- Is a lender required to use an appraisal management company for ordering appraisals?
