Ace the West Virginia Mortgage Law 2025 Quiz – Unlock Your Path to Success!

The requirement for a mortgage broker or lender to document the reasons for using an appraiser from more than 75 miles away emphasizes the importance of accountability and justification in the appraisal process. When an appraiser is located at such a distance, there may be concerns about the appraiser's familiarity with the local market conditions and property values. Therefore, documenting this rationale helps ensure compliance with regulations and demonstrates due diligence in selecting appropriate appraisal expertise.

Maintaining detailed records regarding the choice of appraiser, especially regarding the distance traveled, supports transparency and can protect the lender or broker from potential challenges regarding the appraisal's legitimacy. Such documentation is crucial for regulatory reviews or audits that may occur in the mortgage lending process.

While travel expenses, approval status, and customer consent are relevant considerations, the core requirement focuses on justifying the selection of an appraiser from a notable distance.