Under appraisal independence requirements, a financial institution is permitted to provide a copy of a purchase contract to an appraiser.
What are appraisal independence requirements?
The Appraiser Independence Requirements (AIR) will take the role of the Home Valuation Code of Conduct (HVCC). The main objective was to maintain the original objectives of the HVCC while boosting security for mortgage investors, lenders, real estate brokers, homebuyers, and the housing industry as a whole.
Which action is a violation of the appraisal independence requirements?
A covered individual cannot go against appraisal independence. Directly or indirectly pressuring, extorting, conspiring with, giving instructions to, bribing, or frightening anyone who offers valuations into valuing a property using any criteria other than their judgment constitutes a violation.
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