A broker has a new FHO client who was pro-active and ordered their own Valuation on an inner suburb residential property that they wanted to purchase for $950,000 at 95% LVR. Their valuer agreed with the purchase price and provided a Valuation report to the client to reflect this. The broker now has a copy of this Valuation report so the broker includes it with his client's supporting documentation when he submits the loan application to the lender. The lender's response to this Valuation report is:
a.The client's Valuation report will be used by the lender because it agrees with the purchase price
b.The lender wants to use their own valuer purely to get a commission from using their own valuer
c.The lender will accept the client's Valuation report because the lender has looked up the property on and it looks like a bargain price
d.Because the client will be paying LMI on their loan of 95% LVR, the client's Valuation report will be accepted by the lender e.The lender will not accept the client's Valuation report because the lender only accepts either one of their own Valuers (or the Valuer which the broker has organised) to provide a Valuation report