Engagement Letter Update – Marijuana Cultivation and Residential Appraisals
On March 15, 2018, CoreLogic Valuation Solutions will update the lender specific instructions for all Bank of America products. As a result, a new engagement letter will be generated for any open CoreLogic Valuation Solutions appraisal assignments in AppraisalPort.
New Marijuana Cultivation Appraisal Guidelines to be added in Bank of America Engagement Letter:
If marijuana cultivation is observed during the appraisal property inspection, it shall not preclude the assignment from being completed and delivered to Bank of America. In these instances, do not inquire specifically as to the purpose/legality of any cultivation activities. Do not request any specific information (such as grow permit/license) from the owner/occupant/entry contact regarding any cultivation activities.
The appraiser should photograph all areas required by the assignment type and report/analyze physical changes/conditions/characteristics that impact value/marketability of the property, as applicable.
If you have any questions, please contact the scheduler listed on your engagement letter.
Corelogic Valuation Solutions