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Law on Appraisers

July 05, 1987

About David W. Myers' article (June 7): Are you aware that there is a requirement in the California financial code that states that a state-chartered savings and loan must have an appraisal done by an appraiser specifically approved by the institution's board of directors?

While I have real sympathy for the applicant for a loan who gets to pay for the appraisal and then can't get a copy of it, nevertheless legislating that he must be given an "original copy" (whatever that is) of the appraisal so he can shop around for a better deal won't necessarily prevent him having to pay for a second appraisal if he goes to an institution operating under California laws.

Unless somebody makes sure that the financial code provision is changed as well.

I remember, way back being told that in New Orleans there is a 'master' appraisal file wherein the market values of all parcels of real estate are maintained and kept updated. Any lender can get a current appraisal on any parcel upon request--without all of the hassle of lining up an appraiser to go out and do the work, and without the applicant having to pay a fee for a whole new appraisal.

Probably totally unworkable for the Los Angeles metropolitan area, but sort of nice to think about.



Arthur is president and chief executive officer of Eastern Savings Bank.

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