A friend's home re-fi was rejected and the broker is asking her to pay the appraisal fee (appraisal performed). Does she have to pay this money to the broker or person that performed the appraisal since her loan was denied?
1 Answer from Attorneys
That depends on the terms of the broker agreement. If it calls for the borrower to pay for an appraisal, and does not specifically say it's only owed if the loan is approved, then she owes for it.