Law on Appraisers

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.

RICHARD J. ARTHUR

Alhambra

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