Our bank is trying to determine if we can accept an appraisal from a Mortgage company. We have looked up the Interagency Appraisal and Evaluation Guidelines and under section XV Appraisals from Other Financial Services Institutions, it says you can use an appraisal engaged directly by another "financial services institution" Would a mortgage company be considered a "financial services institution?”
Yes, that would be considered a financial services institution as the guidelines offer the following explanation: "Financial Services Institution--The Agencies' appraisal regulations do not contain a specific definition of the term "financial services institution." The term is intended to describe entities that provide services in connection with real estate lending transactions on an ongoing basis, including loan brokers."
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