An MLO receives an appraisal that values a property at $50,000 below the contract price. The borrower asks the MLO to request a reconsideration of value. The MLO should:
Correct Answer
B) Forward the request with supporting documentation if available
AIR allows requests for reconsideration of value when supported by additional market data or factual corrections. The MLO can facilitate this process by forwarding the request with any supporting documentation, but cannot pressure the appraiser regarding the outcome.
Why This Is the Correct Answer
AIR allows requests for reconsideration of value when supported by additional market data or factual corrections. The MLO can facilitate this process by forwarding the request with any supporting documentation, but cannot pressure the appraiser regarding the outcome.
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