Current through all regulations passed and filed through September 16, 2024
(A) A violation of division (G) of section
1322.40 of the Revised
Code may include
the following:
(1) In the case of any
refinance of a residential mortgage loan or non-purchase second residential
mortgage loan, a person states on the appraisal order form or communicates,
directly or indirectly, to any person licensed or certified under Chapter 4763.
of the Revised Code either the loan amount or any other express or implied
statement of the anticipated or desired appraisal value;
(2) In the case of any purchase money
residential mortgage loan including any second residential mortgage loan
connected to a sale transaction, a person states on the appraisal order form or
communicates, directly or indirectly, to any person licensed or certified under
Chapter 4763. of the Revised Code either the loan amount or any other express
or implied statement of the anticipated or desired appraisal value.
However, it is not a violation
if the sales price of the property is disclosed or
a copy of the signed purchase
contract is provided to a person licensed or
certified under Chapter 4763. of the Revised Code;
(B) If a registrant or licensee becomes aware
that a borrower and seller have entered into a previous purchase contract for a
property at a lower price within the previous thirty days, the registrant or
licensee shall inform the person licensed or certified under Chapter 4763. of
the Revised Code of the earlier contract and provide a copy of the contract
which shall be appended to any appraisal the registrant or licensee provides to
the lender or anticipated purchaser of the note.
(C) Nothing herein shall prevent a
registrant, its employees, agents or licensees from:
(1) Requesting in writing or by electronic
transmittal that the person licensed or certified under Chapter 4763. of the
Revised Code who prepared the appraisal report consider additional appropriate
information when acting upon a good faith belief that the appraisal contains an
error or is professionally deficient. Any appraisal review or revision request
cannot be based on the grounds that the valuation is not high enough to qualify
the borrower for the proposed residential mortgage loan; or
(2) Communicating information to a person
licensed or certified under Chapter 4763. of the Revised Code that is required
by state or federal law, or by any applicable appraisal standards 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.
