An appraiser contacts an MLO stating they cannot complete an appraisal by the scheduled closing date due to property access issues. The borrower asks the MLO to pressure the appraiser to rush the report. What is the MLO's appropriate response?
Correct Answer
C) Explain to the borrower that appraiser independence must be maintained
Under the Dodd-Frank Act's Appraiser Independence Requirements, MLOs are prohibited from influencing or attempting to influence the development, reporting, or review of an appraisal through coercion, extortion, or bribery. The MLO must maintain appraiser independence.
Why This Is the Correct Answer
Under the Dodd-Frank Act's Appraiser Independence Requirements, MLOs are prohibited from influencing or attempting to influence the development, reporting, or review of an appraisal through coercion, extortion, or bribery. The MLO must maintain appraiser independence.
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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?