Selling Guide

Published June 02, 2021

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What is required to verify the origination appraisal for the lender QC process?

Verification of Origination Appraisals

The lender must complete a collateral risk assessment for all mortgage loans with an appraisal as a part of its random QC sample. It is acceptable for the collateral risk assessment to be completed by an individual who is not a licensed or certified appraiser. However, the collateral risk assessor must be competent in appraisal theory and must be able to specifically:

  • determine that a property meets eligibility requirements including the LTV, CLTV, and HCLTV ratios;
  • assess appropriateness of comparable sales;
  • assess appropriateness of the data presented in the appraisal report;
  • conclude that the rationale for the reconciliation of value is supported;
  • prescribe corrective actions for defects identified in the appraisal process; and
  • reconcile flags and messages that were identified in Collateral Underwriter (CU) if the property was able to be scored in CU. If the property was not able to be scored in CU then reconcile any known quality messages (messages, alerts, flags) that are reflected in other third-party tools if utilized.

If the lender is unable to complete the above assessment or appropriately determine the quality of the origination appraisal, it may order either a desk review or field review from a licensed appraiser. The desk review or field review must account for all of the points in the above requirements.

For additional information, see D1-3-04, Lender Post-Closing Quality Control Review of Appraisers and Appraisals.

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