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jean192 · Joined: 09 Aug 2009 Posts: 3 1.00 Dollars($)

Is a borrower liable to pay $450 for an FHA appraisal ordered by the lender when she applied for a conventional loan. Lender said that since the new law was passed in May 2009 lenders can order FHA appraisals through the Home Value Code of Conduct (HVCC) and they can be used for conventional loans. I told the lender he should have ordered the correct conventional appraisal through the HVCC at $350.00 since I never applied for an FHA loan and that appraisal is not related to it. Lender said I originally had an FHA loan, which I never did, even though I show proof of my conventional loan application which does not say FHA on it. Additionally the lender sent me an incomplete FHA appraisal that did not contain the FHA case number, which the appraiser filed in the FHA office in Newark, on each page as is required by FHA law, nor the order form, in violation of FHA mandates that lenders conform to appraisal standards of ingegrity and thoroughness. Lender has been disputing that he ordered an FHA appraisal with my credit card company, refusing to credit me for a wrongful charge, since August 2009 stating he orderd a conventional appraisal for my conventional loan. Just recently (2 weeks ago) Lender now says he made a mistake and did order an FHA appraisal for my originally applied for FHA loan which I never applied for. Thanks from Jean

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Under the new law passed in May 2009 can a lender hold the borrower responsible for the FHA appraisal charge of $450 on a conventional loan application?

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Under the new law passed in May 2009 can a lender hold the borrower responsible for the FHA appraisal charge of $450 on a conventional loan application?

gmakerley · Posted: Fri Oct 02, 2009 10:34 am Post subject:

jean, i don't know the answer to your question, but i'm glad you're pursuing it as far as you are able. it doesn't sound like your lender made a wise decision, and in my opinion, they ought to eat the difference between what they charged you and what they ought to have charged you.

that's just good business sense, frankly.

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Can a lender charge $450 for an FHA appraisal on a conventional loan application under the new HVCC law passed in May 2009?