Appraisal Management

This is a policy guide to managing compliance with the requirements for Appraisal Management (AIR) by mortgage lenders and mortgage brokers. This a separate policy guide. Once purchased this guide will be customized to your specifications. You will receive an immediate invoice receipt with a download link to a questionnaire with some simple questions to answer and receive your customized guide within 24-48 hours. This is written for independent mortgage bankers but can be customized for depository financial institutions and credit unions. 

Table of Contents

APPRAISAL MANAGEMENT POLICY

• PURPOSE
• SCOPE

APPRAISER INDEPENDENCE

• SAFEGUARDS
• IMPROPER CONDUCT
• CONFLICTS OF INTEREST

APPRAISAL REQUIREMENTS

• MINIMUM APPRAISAL REQUIREMENTS
• WAIVERS OF PROPERTY APPRAISALS
• SECOND APPRAISALS
• VALUE SHOPPING PROHIBITED
• HIGHER-PRICED MORTGAGE LOANS (HPML)

APPRAISED VALUE

• “AS-IS” APPRAISALS
• “SUBJECT-TO” APPRAISAL
• APPRAISAL UPDATE/FINAL INSPECTION
• SMOKE, CARBON MONOXIDE DETECTORS AND WATER HEATER STRAPPING
• DISASTER AREA RE-INSPECTION
• ESCROW HOLDBACK FOR COMPLETION

APPRAISER QUALIFICATIONS

• SUPERVISORY OR REVIEW APPRAISER
• INELIGIBLE APPRAISERS
• INELIGIBILITY LISTS
• DISPUTES BY APPRAISERS

APPRAISAL VALIDITY

• FNMA REQUIREMENTS
• FHA
• VA LOANS

APPLICANT DISCLOSURE

• NOTICE OF THE RIGHT TO RECEIVE A COPY OF THE APPRAISAL

APPRAISAL COPY DELIVERY

• WAIVERS
• APPRAISAL DELIVERY

APPRAISAL REVIEWS AND TOOLS

• APPRAISAL ESCALATION PROCESS

APPRAISAL TRANSFERS AND CONVERSION

• CONVENTIONAL LOANS
• FHA APPRAISAL PORTABILITY (INBOUND)
• TRANSFERRING EXISTING FHA APPRAISALS (OUTBOUND)
• VA LOANS
• APPRAISAL CONVERSION

QUALITY CONTROL

RECORD RETENTION

APPENDIX A (DEFINITIONS)

• APPRAISAL
• APPRAISAL MANAGEMENT COMPANY (AMC)
• CONSUMMATION
• DWELLING
• FEE APPRAISER
• SUBSTANTIVE COMMUNICATION
• SUBMISSION SUMMARY REPORT (SSR)
• UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE (USPAP)
• UNIFORM APPRAISAL DATASET (UAD)
• UNIFORM COLLATERAL DATA PORTAL (UCDP)
• VALUATION MANAGEMENT FUNCTIONS
• WRITTEN VALUATION

APPENDIX B (APPRAISAL RED FLAGS)

APPENDIX C (UNIFORM COLLATERAL DATA PORTAL (UCDP))

• ACCESS
• SUBMISSION AND FINDINGS
• SUBMISSION SUMMARY REPORT
• APPRAISAL SHARING

APPENDIX D (UNIFORM APPRAISAL DATASET CONDITION/QUALITY RATINGS)

APPENDIX E (APPRAISAL TYPES AND FORMS)