does the law require mortgage brokers or lenders to disclose home appraisal?

Answer 1

If you paid for it then it is yours. If they paid for it then it is theirs.

I believe that an FHA appraisal is registered to the house and if you sell within six months you have to use that FHA appraisal, but a conventional appraisal does not have to be used so if you want to pay for a second one you will get a second opinion.

Answer 2

In Florida, the broker or lender has to give a "Right to Receive Appraisal" document to the borrower, so yes the borrower is entitled to the appraisal, as long as they have paid for it. However, if the borrower has not paid for the appraisal or someone else has requested the information, it is not necessary for the broker or lender to give that information. I'm only licensed here, so I can't comment on other states.

Answer 3

The appraisal is owned by either the lender or broker who ordered it. You're entitled to receive a copy from them (not the appraiser), once you've paid for it.
You'll either pay for it directly to the appraiser at the time of the appraisal, or on the HUD statement at your closing. If it's not paid for yet, they generally don't have to send you a copy. Once you have a copy you're not allowed to use it to submit to another company until the previous company releases that appraisal and the appraiser recertifies it for the new company. That's entirely at the discretion of the first company and they're in no way required to release it.

If you've already paid for the appraisal then go ahead and request it from the lender (not the appraiser directly, he's not allowed to give it to you). They should be able to give it to you within 30 days. Once you have it, it's strictly for your personal use, not to give to another lender.

Answer 4

It is a federal law that they do not have to disclose a appraisal to anyone other than their client and only if they want to. The appraisal belongs to the lender, even if the homeowner paid for the appraisal. The appraiser can not disclose any information other than to the lender that ordered the appraisal (the client) not even the homeowner who paid the appraiser.Note: Glen is soooo wrong it is not yours if you paid for it only if you ordered it and paid for it and lender will not accept an appraisal ordered by a homeowner.

Answer 5

Even though the borrower pays for the appraisal, it belongs to the lender. At closing, you are entitle to a copy of the appraisal. Check the disclosures you received...it's in there somewhere. But you don't own it.

Answer 6

The law requires that if a borrower asks to see the appraisal they have the right to obtain a copy from the broker, but it does not require that the broker immediately provide a copy to the borrower without asking.

Answer 7

Real Estate Appraisals are confidential and for the use of the lender/client. So there could be several people examine your appraisal besides yourself. But by law they can not give that appraisal to anyone outside of their company or you or HUD/FHA.

Answer 8

This may vary by state, but in California we disclose to all of our clients that they are entitled to receive a copy of the appraisal. Normally, it is ordered by the broker so that's whose name shows up as the technical owner of the appraisal. But clients ARE entitled to a copy.

Answer 9

Very common practice and very shady, remember that mortgage brokers make more commission if they sell loans at higher interest rates or with points. The lender tells them at what rate they will finance the loan then a shady broker will add to it. Go to a bank or a reputable broker.

Answer 10

Usually the buyer pays for the appraisal - you pay for it and then the appraisal should come to you directly. If it is a refinance, the lender may pay for the appraisal - at which point they don't have to give you anything unless you paid for it.