A loan officer receives an appraisal that values the property at $280,000, but the borrower needs $300,000 to qualify for the loan. The loan officer contacts the appraiser asking for a 'second look' at the comparables. This action is:
Correct Answer
C) Prohibited under AIR as improper influence
This constitutes prohibited conduct under AIR. Section 129E prohibits any person with an interest in the transaction from improperly influencing the appraiser through coercion, extortion, compensation, instruction, or bribery to influence the appraised value.
Why This Is the Correct Answer
This constitutes prohibited conduct under AIR. Section 129E prohibits any person with an interest in the transaction from improperly influencing the appraiser through coercion, extortion, compensation, instruction, or bribery to influence the appraised value.
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An MLO's family member applies for a loan through the MLO's company but with a different originator. The MLO has access to the file and notices an error that could help their family member qualify. What should the MLO do?
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