Ohio Administrative Code
Title 109:4 - Consumer Protection
Chapter 109:4-3 - Deceptive Acts or Trade Practices in Connection with Consumer Transactions
Section 109:4-3-24 - Improperly influencing appraiser

(A) Division (B)(10) of section 1345.031 of the Revised Code states that in connection with a consumer transaction, a supplier is prohibited from knowingly compensating, instructing, inducing, coercing, or intimidating, or attempting to compensate, instruct, induce, coerce, or intimidate, a person licensed or certified under Chapter 4763. of the Revised Code for the purpose of corrupting or improperly influencing the independent judgment of the person with respect to the value of the dwelling offered as security for repayment of a mortgage loan.

(B) Without limiting the scope or applicability to other acts or practices that may violate division (B)(10) of section 1345.031 of the Revised Code, a supplier is "attempting to instruct or induce a person licensed or certified under Chapter 4763. of the Revised Code for the purpose of improperly influencing the independent judgment of that person with respect to the valuation of the dwelling offered as security for repayment of a mortgage loan" if:

(C) It is not a violation of division (B)(10) of section 1345.031 of the Revised Code or this rule for a supplier, based upon a good faith belief that a completed appraisal report prepared by a person licensed or certified under Chapter 4763. of the Revised Code contains an error or is professionally deficient, to request, in writing or by electronic transmittal, that the appraiser who prepared the appraisal report consider additional appropriate information about the dwelling or property; provide further detail, substantiation, or explanation for the appraiser's valuation; or correct errors in the appraisal. However, the supplier may not request, orally or in writing, that an appraiser review or revise their appraisal report on the grounds that the valuation is not high enough to qualify the consumer for the proposed loan.

(D) This rule shall not be construed to preclude a supplier from communicating any information to a person licensed or certified under Chapter 4763. of the Revised Code that is required to be communicated to the appraiser by Chapter 1322. of the Revised Code, Chapter 4763. of the Revised Code, or by the Uniform Standards of Professional Appraisal Practice as promulgated by the appraisal standards board of the appraisal foundation, including, without limitation, a copy of a previously completed appraisal report provided to a person licensed or certified under Chapter 4763. of the Revised Code for the purpose of an appraisal review.

(E) For purposes of this rule a "refinance loan" includes any subsequent first mortgage loan on the borrower's primary residence or other property subject to coverage pursuant to division (A) of section 1322.01 of the Revised Code.

(F) For purposes of this rule the words "appraisal," "appraisal report," "appraisal foundation," and "valuation" have the same definition as contained in section 4763.01 of the Revised Code.

(G) Each supplier who orders or controls the referral of an appraisal on a residential mortgage lending transaction and each supplier who subsequently comes into possession of appraisal documents shall retain all documents related to the appraisal in the borrower's residential mortgage loan file for a period of at least two years from the date of closing, or as required by other applicable state or federal law, whichever time period is greater. This document retention requirement applies to any appraisal, whether or not the appraisal is ultimately relied upon to set the market value of the real property underlying the residential mortgage loan. Records required to be maintained by this rule may be retained in an electronic format.