An appraiser contacts an MLO directly to clarify property details after discovering the address on the appraisal order doesn't match the legal description. This communication is:
Correct Answer
C) Permitted for factual clarification of property identification
AIR allows communication between appraisers and loan production staff for clarification of factual property information, including address verification and property identification issues, as long as no pressure regarding value is applied.
Why This Is the Correct Answer
AIR allows communication between appraisers and loan production staff for clarification of factual property information, including address verification and property identification issues, as long as no pressure regarding value is applied.
More Origination Questions
A borrower has a construction-to-permanent loan with a 12-month construction phase. At month 10, construction is only 60% complete due to delays. What is the most likely outcome?
For a construction-to-permanent loan, when must the initial Closing Disclosure be provided for the construction phase?
During a refinance transaction, the appraiser determines that significant unpermitted additions were made to the property. The appraiser wants to discuss this with the MLO before finalizing the report. What should the MLO do?
An appraiser discovers that a property has significant foundation issues that were not disclosed. The appraiser reduces the property value by $25,000 and includes detailed comments about the structural problems. The loan officer is upset because this will kill the deal. Under AIR, the loan officer:
An MLO's compensation structure includes higher payments for certain loan products. When is it acceptable to recommend these higher-compensated products?
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An MLO discovers that the APR on the Closing Disclosure has increased by 0.15% from the Loan Estimate for a fixed-rate loan. What action is required?
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A mortgage brokerage pays its MLOs a flat fee of $2,000 per closed loan, regardless of loan amount or terms. Additionally, the company pays a quarterly team bonus to all MLOs if the office meets certain customer satisfaction scores. Which statement is correct?