1. False - REALTORS and lenders can talk to appraisers, including requests to consider additional data or to correct errors.
2. False - Lenders may directly retain the services of an independent appraiser.
3. False - Lenders may choose to use a rotating roster of appraisers but are NOT required to do so by Fannie or Freddie.
4. False - The code applies only to 1-4 single family loans sold by Fannie or Freddie and does not apply to FHA, VA or the Federal Home Loan Banks.
5. False - Nothing in HVCC requires a lender to obtain a property valuation or to use a particular methodology.
6. True - If the lender grants permission, a mortgage broker may directly contact a lender-approved AMC that retains the appraiser.
7. False - A mortgage broker may transfer an appraisal if the lender who ordered the original appraisal grants permission.
8. false - A borrower is not required to pay for an appraisal with any one particular form of payment.
9. False - Payment fro an appraisal must be made to the lender or third-party hired by the lender to retain the appraisal services.
How did you do.
Quiz and answers courtesy of "Today's Buyer's Rep" published by REBAC
Tuesday, March 2, 2010
Subscribe to:
Post Comments (Atom)
.jpg)
No comments:
Post a Comment
By submitting your comment to this blog, you are allowing ACAR the right to use and/or display it at our discretion.
We reserve the right to remove or edit any comment due to offensive or inappropriate language, relevancy, commercial endorsements, and spam. This could be done manually or due to automated spam detection software. We will not remove or edit comments we disagree with nor will we edit comments to change the commenter’s intention.