Comment Submitted by Ben Burnor
AnonymousSupportIndividual
Summary: The commenter suggests that Minimum Property Requirements (MPRs) that do not affect a property's value or marketability should be noted in the appraisal rather than enforced as strict requirements. They argue that this approach would reduce costs and time for owners by allowing borrowers to either fix the issues or sign a waiver of liability.
In response to the request for comments regarding the modernization of the MPR / appraisal. I believe that any MPR that does not impact the value or marketability of the property should simply be commented on within the appraisal. At that point, the borrower should be made aware of the issue and either have it fixed or sign some type of waiver to acknowledge the issue and accept all liability for that issue. This would eliminate several common MPR's that can add costs to the owner and take additional time.