Summary
While the term 'Mortgage Financing Purposes' appears on both form and narrative appraisal reports, it can mean many things. Recent trends of packaging loans and books of lending business mean that your reports have the potential to influence a number of people who purchase loans this way. The law of reliance essentially provides that any professional who issues an opinion can create a duty relationship where the professional may be liable in negligence to those whom he would expect to reasonably rely upon his report. Appraisers ask for letters of transmittal to learn not only who is relying on their reports, but also to send an appropriate fee for that privilege.
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Extract
Multiple Uses and Multiple Reliances
Imagine you are at a business cocktail party in a crowded room. It has been another hard day at the office. You have had at least two martinis (who counts anyway?) and you see a mortgage broker you know cross the room. You do not think he is the best at his business...
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