What information should the regulated institution provide to the appraiser upon engagement?
The regulated institution should provide the property’s address, its description, and any other relevant information. The regulated institution may also provide a copy of the sales contract for purchase transactions. However, the information provided by the regulated institution should not unduly influence the appraiser or in any way suggest the property’s value. The regulated institution and the appraiser should agree on the scope of the appraisal in advance, consistent with the Uniform Standards of Professional Appraisal Practice (USPAP) and the agencies’ appraisal regulations and interagency guidelines.
Related Questions
- When ordering appraisals, can a staff appraiser or an appraisal company affiliated with the regulated institution be considered independent since the regulated institution compensates them?
- Can the regulated institution accept an appraisal prepared by an appraiser who is a family member of the loan broker who engaged him/her?
- What information should the regulated institution provide to the appraiser upon engagement?
