Legal Question in Real Estate Law in Maryland
Broker's responsibility to consomer
A consumer in Montgomery county starts a mortgage loan process for a property in Frederick county with a lender/broker and pays an appraiser through the lender/broker for an appraisal. (check made out to appraiser given to lender/broker)
Consumer finds a much better deal with another lender/broker and wishes to use appraisal already paid for. Lender/broker repeatedly refuses to assign appraisal. Lender/broker actually askes for more money before releasing even a copy, stating that it cost more money than the consumer was charged. Lender/broker also now wishes to charge consumer for a credit report even though the consumer wasn't informed of any charge at the time a request was made to pull credit.
Question:
Can a lender/broker refuse to assign an appraisal, even when the consumer paid the appraiser. Can the lender/broker raise the price of the appraisal after it's already paid for and completed, just because s/he is no longer getting the loan? Does the lender/broker have the right to charge the consumer for a credit report after the fact, when no mention of such a charge was made until the application for the loan was withdrawn?
1 Answer from Attorneys
Re: Broker's responsibility to consomer
It sounds like you are being taken advantage of by the lender/broker, probably because he hopes you'll change your mind and stay with him. If you paid for the appraisal, you should be entitled to a copy of it. Regarding the cost, the lender should have known the cost up front, since he probably deals with the same appraiser on a frequent basis. You may want to complain to the state attorney general's office or a county consumer protection office if there is one in your county.
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