Which of the following appraisal-related activities would violate appraisal independence requirements?
Correct Answer
A) Requesting an appraiser reconsider a specific value conclusion
Requesting that an appraiser reconsider a specific value conclusion constitutes inappropriate pressure that could compromise appraisal independence, which is prohibited under federal regulations.
Why This Is the Correct Answer
Requesting that an appraiser reconsider a specific value conclusion constitutes inappropriate pressure that could compromise appraisal independence, which is prohibited under federal regulations.
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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A creditor's affiliate originated a borrower's existing mortgage 18 months ago. The borrower now wants to refinance with the creditor for a lower rate. What documentation requirement applies?
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