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BankersOnline.com Forums Dodd-Frank Final Rules Discussions Interagency (Reg Z) and CFPB Reg B Appraisal Rules Borrower Name on Appraisal
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#2220558 - 08/28/19 01:59 PM Borrower Name on Appraisal
Wonderofitall Offline
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Wonderofitall
Joined: Sep 2010
Posts: 228
Out West
Borrower individually obtained a mortgage loan from our bank in month 1. In month 2, borrower applies for a mortgage in the name of his single owner LLC and offers the same collateral for a business purpose loan. If we use the same appraisal for both loans, does it matter that the borrower referenced on the appraisal is the individual rather than the LLC?
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Interagency (Reg Z) and CFPB Reg B Appraisal Rules
#2220561 - 08/28/19 02:20 PM Re: Borrower Name on Appraisal Wonderofitall
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 85,328
Galveston, TX
No - use of an existing appraisal that the lender ordered is up to your appraisal and evaluation policy.
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#2220563 - 08/28/19 02:25 PM Re: Borrower Name on Appraisal Wonderofitall
Wonderofitall Offline
100 Club
Wonderofitall
Joined: Sep 2010
Posts: 228
Out West
Much appreciated, RLC!
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