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Letter to the Editor :
Mortgage Loan Inspections
April 15, 1999
To the Editor:
I have been a Professional Land Surveyor for the last 10 years, during which time I have provided lenders, attorneys and title companies with many mortgage loan inspections. I would like to bring to your readers’ attention several things which I feel are hindering our industry’s ability to maintain its business:
1. Increased usage of “survey affidavits” by attorneys and title companies based upon mortgage loan inspections over 90 days old.
2. Use of mortgage loan inspections for mortgage/home equity loan determinations without any compensation if the loan does not qualify.
3. Increased use of out of state “flood certification companies” which certify to the flood situation but which have not involved a visual inspection of the property in question.
A mortgage loan inspection provides lenders and their title insurers with a professional opinion that the property in question 1) is or is not in a flood hazard zone, 2) is or is not in violation of local zoning ordinances and 3) contains monumentation that is or is not in harmony with the current deed description. This is accomplished by an on site inspection of the property conducted by experienced survey personnel, who are familiar with local zoning laws and historical information.
The Maine Society of Land Surveyors previously has issued a statement, available upon request, condemning the use of “survey affidavits.” That association’s members feel as I do that the value of an on site inspection by a land surveying professional is immeasurable to the consumer, lender, attorney and Realtor alike.
In my opinion, a mortgage loan inspection is provided to the customer for a single transaction, and the use of our professional seal and any further use of the mortgage loan inspection should not be permitted. I welcome the input of Maine Creditor Update readers on these points.
Sincerely,
Bruce R. Bowman, PLS
Cumberland, Maine