Can a loan officer communicate with an appraiser?

Can a loan officer communicate with an appraiser?

Lenders are not allowed to initiate dialogue with an appraiser at any time or discuss appraisal after receipt of report. during the assignment, the appraisal department must be aware in advance of all communication between the loan officer and the appraiser.

Can lenders choose appraiser?

Do I get to choose my appraiser? Neither borrowers nor lenders can choose a specific appraiser because of very tight regulations imposed after the 2008 mortgage meltdown. Every mortgage lender is required by law to order every appraisal through an Appraisal Management Company (AMC).

Can loan officers speak underwriting?

Underwriters Cannot Directly Ask You Anything It is important to note that underwriters should not be in actual contact with you. All questions and discussions should be handled through your lender or loan officer. An underwriter talking to you directly, or even knowing you personally, is a conflict of interest.

Who can communicate with the appraiser?

Can I speak to the appraiser? Yes! Regulations allow real estate agents, or other persons with an interest in the real estate transaction, to communicate with the appraiser and provide additional property information, including a copy of the sales contract.

Can underwriters talk to appraisers?

As we’ve covered in detail, the so-called Home Valuation Code of Conduct (HVCC) went into effect today, which officially cuts off mortgage loan officers from ordering appraisals or even talking to appraisers during a property transaction.

Should I hire my own appraiser?

Hiring Your Own Appraiser It can serve as a second opinion for you and confirm that the mortgage company’s appraiser was accurate in his assessment of the house. However, hiring your own appraiser will cost you extra money and, even if your appraisal differs from the “official” appraisal, it won’t affect your loan.

How is an appraiser chosen?

How do Lenders Choose Appraisers? These banks establish an impartial committee of members outside of their mortgage loan department to choose which AMC to work with. AMCs manage the appraisal valuation process as well as employ a team of appraisers to execute these appraisals.

What can you do if you disagree with an appraisal?

1. How to Dispute a Low Home Appraisal.
2. Request a Copy of the Appraisal Report.
3. Check Every Detail of the Appraisal.
4. Contact Your Lender and Request a Value Appeal.
5. Provide Updated Comps.
6. Make Sure There Are No Missing Permits.
7. Point Out Upgrades and Improvements to the Appraiser.
8. Have Your Sales Agent Meet With the Appraiser.

What should I not tell a loan officer?

10 things NOT to say to your mortgage lender

• 1) Anything Untruthful.
• 2) What’s the most I can borrow?
• 3) I forgot to pay that bill again.
• 4) Check out my new credit cards!
• 5) Which credit card ISN’T maxed out?
• 6) Changing jobs annually is my specialty.
• 7) This salary job isn’t for me, I’m going to commission-based.