What is the role of an appraiser in the mortgage process in Oregon?

@jeanie 

In Oregon, the role of an appraiser in the mortgage process is to provide an unbiased assessment of the value of a property that is being used as collateral for a mortgage loan. The appraiser's evaluation helps determine the loan-to-value ratio, which is the amount of the loan relative to the value of the property.

The appraiser's report is key in ensuring that the lender is providing an appropriate amount of funding based on the property's value. This helps protect both the lender and the borrower from potential financial risks, as an accurate appraisal ensures that the property is worth the amount being loaned against it.

Additionally, mortgage lenders in Oregon are required to use licensed or certified appraisers for all home loans to ensure that the appraisal process meets professional standards and is conducted by experienced professionals. The appraiser plays a critical role in the mortgage process by providing an impartial and independent evaluation of the property's value, which helps lenders make informed decisions about loan approvals and amounts.

@jeanie 

Additionally, the appraiser helps protect both the buyer and the lender by ensuring that the property is worth the amount being loaned against it, which helps prevent situations where the borrower may be overpaying for a property or the lender is providing more funding than the property is actually worth. The appraiser's role is crucial in ensuring that the mortgage transaction is fair and based on accurate property valuation.