Property Valuation
In Louisiana, an appraiser who discovers information after completing an appraisal that would have materially affected the value conclusion must:
AIssue a new appraisal report free of charge
BIssue a corrected or updated report disclosing the new information under USPAP standards✓ Correct
CInform only the lender, not the borrower
DTake no action since the appraisal was complete when submitted
Explanation
USPAP requires appraisers to issue a corrected or updated report if they discover material errors or new information that would have affected the value conclusion. Depending on the circumstances, a supplemental or corrected report may be required.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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