May a mortgage broker provide the lender with an approved appraiser list for the lender to use when ordering appraisals for that particular lender?
No. A mortgage broker may not provide lenders with an approved appraiser list for their use. • May a person on a lender’s staff who is not part of the loan production staff and does not receive a bonus or commission based on loan closings provide an appraisal management company (AMC) a list or panel of appraisers to use for loans involving a specified mortgage broker, real estate agent or loan officer? No person may provide an AMC a list or panel of appraisers to be used for loans involving a specified mortgage broker, real estate agent, or loan officer. The Code specifically prohibits lenders from accepting appraisal reports completed by an appraiser selected, retained or compensated in any manner by mortgage brokers and real estate agents. Mortgage brokers and real estate agents must not be involved in the selection of appraisers for an approved panel or specific assignments under any circumstances. Please refer to Section III.A of the Code for further information regarding who is au
Related Questions
- Does AIR 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?
- Does AIR permit a 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?
- May a mortgage broker provide the lender with an approved appraiser list for the lender to use when ordering appraisals for that particular lender?
