This week’s broker poll takes a look at appraisals, and just how accessible these documents are to the brokers who depend on them for information, and what - if any - changes in availability have occurred within the industry.
This week’s broker poll takes a look at appraisals, and just how accessible these documents are to the brokers who depend on them for information.
The entire question of lender-ordered appraisals was brought to the forefront in MortgageBrokerNews last week, when Barrie broker Nick L’Ecuyer of Verico The Mortgage Wellness Group suddenly noticed that he was only receiving e-mail notifications of appraisal assessments being sent to the lender, while he himself did not receive the report.
After receiving six or seven such notifications via email from various appraisers, L’Ecuyer contacted an appraiser as to why he had been left effectively out of the loop.
One appraiser finally “told me ‘I can’t’,” says L’Ecuyer, “that he had been told to no longer send brokers appraisal reports.”
The director of professional practice at the Appraisal Institute of Canada stated that there have been no such directives issued to appraisers, adding that the sharing of personal information of the kind included in appraisal reports can be conducted if followed according to the policies laid out in PIPEDA.
An Atlantic broker Kent Farnsworth, owner of Meridian Simply Mortgages, offered his solution to gaining access to appraisal reports by having “the appraiser make the appraisal to ‘LENDER’ care of ‘BROKER HOUSE’,” as his company name is then on the report, allowing the appraiser to email him a copy of the appraisal if requested.
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