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Posted on Jan 6, 2020

Lake Conroe Appraisals LLC

When the lender orders the Conroe appraisal, who owns it?

The first situation that can occur is when a bank, mortgage company, or other lender orders a Conroe appraisal on behalf of the homeowner for either a purchase, refinance, or another similar loan. Most banks have a list of appraisers that they have approved to do work for them. If the bank does not do this from within their company they probably use an Appraisal Management Company (AMC) who does the ordering for them.

In the process of all of this, the bank collects payment for the appraisal from the homeowner. It is currently a requirement that the appraisal is ordered by the lender. So far in our scenario, the bank has collected the money from the homeowner and will be ordering the appraisal.

After the Conroe appraisal is completed it is delivered to the bank, since they ordered it. The bank is required by law to provide a copy of the appraisal report to the borrower. The Conroe appraiser is not authorized to provide a copy to the borrower or homeowner because the bank is the owner, even though they may not have paid for it.

The only parties that see the appraisal are the Conroe appraiser, the bank, and the homeowner. I get asked all the time if anyone else has access to the report, and as I have stated the answer is no, except for the parties I just noted.
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