RESPA: Using Appraisal from Another Lender

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Question:

Are we required to disclose on the GFE and Final HUD an appraisal fee for an appraisal ordered by another lender? The fee was paid by the borrower prior to applying for our loan. We are using this prior appraisal for our loan.

Answer:

All settlement services must be listed on the GFE. Since the fee has already been paid, list the appraisal as "POC-Borrower" on the Settlement Statement.

First published on BankersOnline.com 10/31/11