Frequently Asked Questions
- What lenders are you approved with?
- What is your turn around time?
- How do I get a Comp Check?
- What can CPV do in lieu of a Comp-Search?
- What areas do you cover?
- Can I get a copy of the appraisal report my lender ordered on my home?
- What you may not know about your PMI Insurance.
What lenders are you approved with?
Please go to our Clients section on our website for a list of lenders, with whom we are approved. If you do not find a desired lender on our list or you are a lender that would like to be added, please contact us and we will take the steps necessary to acquire approval. Please be advised that many lenders will revise or abolish their lists without notification. Therefore, accuracy is not guaranteed.
What is your turn around time?
Our turn around time will vary depending on the demand of our current workload and also the product, location and complexity of the property. Please call us for our current turn around times. If you need an appraisal done as a RUSH, let us know and we are happy to accommodate your request for a reasonable rush fee.
How do I get a Comp Check?
“Comp Outs”, “Comp Search”, Value Checks”…these are all terms commonly used by professionals of the mortgage industry when asking an appraiser to determine the probable value, or even range of value, before the appraiser actually gets an appraisal order. This is a very serious issue with the Office of Real Estate Appraisers, as it is reporting a predetermined value for the subject property. Such conduct is in violation of the Ethics Rule of USPAP, Uniform Standards of Professional Practice. USPAP is the package of rules and regulations appraisers must abide by to be licensed.
What can CPV do in lieu of a Comp-Search?
We can provide a list of sales within a one-mile radius for you to determine a possible value for the subject property. Please be advised however that we will not provide a value or range of values for the subject property.
What areas do you cover?
Please go the Areas Served for complete list of the communities we serve. CPV covers most of the counties of Alameda, Contra Costa and Solano.
Can I get a copy of the appraisal report my lender ordered on my home?
Although you may have paid a fee for your appraisal (even if you paid the appraiser directly), the law prohibits appraisers from providing homeowners with a copy of the appraisal report without the consent of the lender. However, if you paid a fee for the appraisal, you are entitled to a copy of it from your lender.
The following Explanation is provided by the Office of Real Estate Appraisers (916) 263-0722.
When an appraisal is performed for a lender, the borrower/homeowner is NOT entitled to a copy of the appraisal report from the appraiser. This is because the appraiser’s client is the lender, not the borrower, even though the borrower pays the appraisal fee. A client is defined as the party who directly engages the appraiser to perform the assignment. The client is most commonly a mortgage broker, mortgage banker, or direct lender if the purpose of the appraisal assignment is for a loan transaction secured by 1-4 unit residential real estate (for purchase or refinancing purposes).
Appraisers receive and accept many appraisal assignments from clients specifically instructing them to collect the appraisal fee at the door or (C.O.D) from the borrower. It is considered a common and generally accepted practice for the appraiser to collect this payment directly from the borrower on behalf of the client to compensate for the appraisal service. However, this does not render the borrower as the client or entitle them to a copy of the appraisal from the appraiser.
The appraiser is required to protect the confidential nature of the appraiser-client relationship, and thus is prohibited by law to provided a copy, or disclose the contents of his or her appraisal report to anyone other than the client. Any licensed appraiser violating this portion of the Uniform Standards of Professional Appraisal Practice may be subject to disciplinary action by the Office of Real Estate Appraisers (OREA).
Although the appraiser cannot provide the borrower with a copy of the appraisal without the client’s permission, the borrower has every right to receive a copy of the appraisal report from the lender, provided he or she has paid for the appraisal and the loan involves 1-4 unit residential property. According to California Business and Professions Code Section 11423, a borrower has up to 90 days after the lender has provided notice of the their lending decision to submit a written request for a copy of the appraisal.
What you may not know about your PMI Insurance.
Many homeowners are eligible to have their private homeowner’s insurance cancelled. Most lenders require at least 20% equity before PMI can be removed. The 20% equity requirement can be achieved from price appreciation or improvements to the home. Most lenders will allow the homeowner to cancel this costly insurance if a real estate appraisal, completed by a certified appraiser, can provide proof and support of the value estimate and that there is at least 20% equity in the home. Contact your lender for more information.