In a mortgage lending transaction, which role is responsible for providing an independent, impartial and objective value?

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Prepare for the Mckissock 8-hour National Valuation Bias and Fair Housing Laws and Regulations Test. Study with flashcards and multiple choice questions with detailed explanations. Ensure your success on exam day!

Multiple Choice

In a mortgage lending transaction, which role is responsible for providing an independent, impartial and objective value?

The independent, objective value in a mortgage loan is provided by the appraiser. An appraiser is licensed or certified to produce a neutral opinion of the property's market value using standardized methods and recent, relevant data. They evaluate property condition, features, and comparable sales, applying approaches such as sales comparison, cost, or income as appropriate to form a defensible value. This appraisal value is used by the lender to determine loan amount and terms, and it must be free from influence by the lender, borrower, or seller to maintain objectivity. In contrast, the underwriter assesses credit and risk, a real estate broker represents clients in the sale, and a closing attorney handles documents and closing logistics.

In a mortgage lending transaction, which role is responsible for providing an independent, impartial and objective value?

Prepare for the Mckissock 8-hour National Valuation Bias and Fair Housing Laws and Regulations Test. Study with flashcards and multiple choice questions with detailed explanations. Ensure your success on exam day!

In a mortgage lending transaction, which role is responsible for providing an independent, impartial and objective value?

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