A mortgage company's policy requires all appraisals to be reviewed by their chief appraiser before being sent to underwriting. During this review, the chief appraiser changes comparable sales selections. This practice is:
Correct Answer
A) Prohibited interference with appraiser independence
Under AIR, substantive changes to appraisal methodology or comparable selections by lender staff constitutes prohibited interference with appraiser independence. Quality control reviews should identify issues but not make substantive changes to the appraiser's work product.
Why This Is the Correct Answer
Under AIR, substantive changes to appraisal methodology or comparable selections by lender staff constitutes prohibited interference with appraiser independence. Quality control reviews should identify issues but not make substantive changes to the appraiser's work product.
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