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 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. ... it does not allow a full blown “conversation” or “discussion” with the appraiser however.
When an appraisal is used to obtain an opinion of value of a property for loan purposes, federal regulation requires King Financial (the lender) or our agent to place an appraisal order.
For more specifics about the home appraisal process please contact a RMLO or download the comprehensive guide below.
Download a full appraisal guide in PDF format: