Multiple Appraisals of the Subject Property
If the lender obtains more than one appraisal for a loan due to applicable law, regulation, lender policy, or otherwise, the lender must
- adhere to a policy of selecting the most reliable appraisal rather than the appraisal that states the highest value,
- document the reasons for relying on the appraisal, and
- submit the appraisal selected by the lender through the UCDP prior to delivery.
These requirements also apply if the lender considers an appraisal to be deficient (see B4-1.3-12, Quality Assurance).
For additional information, see B4-1.2-02, Appraisal Age and Use Requirements.