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Realty Group Backs Greater Disclosure On Appraisals

Date: May 25, 2002
Author: Kenneth R. Harney
QUOTE: Under a far-reaching policy...lenders not only would have to tell you which valuation methods they used on your property, but they also would have to show you the actual copies of all the reports.

ABSTRACT: It is customary to pay fees on real estate closings for an appraisal, but lenders often do not disclose the method of property valuation that was used or who valued the property. A policy passed on May 18th by the country's largest real estate group would require lenders to disclose the valuation method that was used and also to show customers copies of the appraisal reports. If the resolution passes in Congress, lenders would no longer be able to use discount valuation methods or show only the highest valuation numbers without a borrower's knowledge.

--Sarah Beck

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