An appraisal is an opinion of value.
Mortgage lenders are no longer allowed to speak to appraisers regarding the value of the property. Appraiser independence is the law under the Dodd-Frank Wall Street Reform.
There are certain circumstances where a broker can contact & talk to the appraiser about a mortgage loan appraisal when they have questions or concerns. However, it does not allow a full blown “conversation” or “discussion” with the appraiser to occur.
When an appraisal is used to obtain an opinion of value of a property for loan purposes, federal regulation requires the lender (Highlands Residential Mortgage) or their agent to place an appraisal order.
For more specifics about the home appraisal process please contact us.