FORUM PROFILE

GFE & Appraisals

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • #2402
    Anonymous
    Inactive

    If I am understanding correctly, we cannot estimate the cost of an appraisal on the GFE. Would the borrower sign a statement of “intention to proceed” and attached this statement to the GFE? Once the intention to proceed has been established, how do we disclose the appraisal fee, so to be in tolerance with the HUD?

    thank you,
    Sandra

    #2729
    jholzknecht
    Keymaster

    You must include an estimate for the cost of the appraisal on the GFE, but you cannot impose the fee or obligate the borrower to pay the fee until the GFE is delivered and you have obtained evidence of the borrower’s intent to proceed with the transaction.

Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.