We’re excited to announce that RAC and Worldwide ERC are partnering up to hold an appraisal report writing contest, where relocation appraisers can showcase their professional expertise to the world. The winners will be announced to members of Worldwide ERC® and RAC as well as their constituents. The contest will provide terrific exposure to the best relocation appraisers in the business.
You can get all the details here: Worldwide ERC and RAC Appraisal Report Writing Contest.
In the past, borrowers could only get a copy of the appraisal report completed for their residential mortgage application only if they requested one. Now the applicant no longer has to request a copy, they are entitled to a copy automatically.
In January 2014, the Consumer Financial Protection Bureau (CFPB) implemented its final rule requiring creditors to provide applicants free copies of all appraisals and other written valuations developed in connection with an application for a loan to be secured by a first lien on a dwelling.
The borrowers will receive a copy even if the mortgage never closed. Here’s a consumer guide for the new requirement.
It should be pointed out that the lender is the one required to provide a report copy to the borrower, not the original appraiser.