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Borrower Submitted RE Inspection Photos

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Question: 
Does the OCC or other regulatory agencies specifically allow or frown on borrowers taking photos for real estate inspections if the lender requests these through the Verisite Firewall application? The Verisite mobile app can geocode the photos for location confirmation but having the borrower involved may be an issue. Otherwise this could be a way to expedite the processing on some loans.
Answer: 

Inspections are not appraisals. Inspections are normally used to control the risk when disbursing funds on construction projects. How a lender chooses to control that risk is really a business decision. If you mean to support an actual appraisal or evaluation, one would think you would need a third party on-site for that process. I remember a bank years ago getting a nice shot of a house for appraisal purposes and it was nothing but a movie set prop.

First published on 10/09/2022

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