What is the appraisal law in NJ? Is the appraiser REQUIRED by law to sign the appraisal before he sends it to the bank for a loan…or gives it back in general?
I believe the USPAP regulations are the same in every state. The appraiser should sign off on his or her work before submitting the report. Now with digital signatures being used it is almost impossible not to review the report and not sign off on it. It could be an honest mistake by the appraiser.
Appraisers nationwide are governed by the USPAP. You do not have a valid appraisal if it is not signed. Lenders will not accept these as the signature is what makes the appraiser liable for his/her work.
I know that, because I am an appraiser. The apprasial should have been reviewed for errors before going out the door. Not signing the report is an obvious mistake. That is why I have to think is was a mistake on the part of the appraiser. Human error does happen and mistakes do take place. The loan officer should have caught the error and contacted the appraiser.