A mortgage broker tells an appraiser that the property 'needs to come in at $350,000 because that's what the borrower paid for it.' This statement:
Correct Answer
C) Violates AIR by attempting to influence the appraised value
This statement violates AIR by attempting to influence the appraiser to reach a predetermined value. While providing the purchase contract is appropriate, telling an appraiser what value the property 'needs' to appraise for constitutes improper influence under Section 129E of TILA.
Why This Is the Correct Answer
This statement violates AIR by attempting to influence the appraiser to reach a predetermined value. While providing the purchase contract is appropriate, telling an appraiser what value the property 'needs' to appraise for constitutes improper influence under Section 129E of TILA.
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