An appraiser calls an MLO to verify property details such as the number of bedrooms and bathrooms listed on the loan application. How should the MLO respond?
Correct Answer
A) Provide the requested information since it's factual data from the application
Providing factual information such as property characteristics from the loan application is permissible communication under the Appraiser Independence Requirements. This type of factual data exchange does not constitute inappropriate influence over the appraisal process.
Why This Is the Correct Answer
Providing factual information such as property characteristics from the loan application is permissible communication under the Appraiser Independence Requirements. This type of factual data exchange does not constitute inappropriate influence over the appraisal process.
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An appraiser discovers after completing an appraisal that the property has an undisclosed easement that significantly affects value. The appraiser wants to revise the report. This revision is: