Can banks use appraisal from another lender?
Yes. A lender may accept an appraisal from a different lender if that appraisal complies with Appraiser Independence Requirements. In this scenario, since Lender A is the original lender, Lender A must be named as the client on the appraisal report.
What is an AMC in appraisal?
An Appraisal Management Company (AMC) works with lenders and appraisers to facilitate the ordering, tracking, quality control and delivery of appraisal reports.
What is the SSR on an appraisal?
“SSR” – Successful Submission Report Each SSR contains a summary of the appraisal submission(s) for a particular loan, the status of the submission(s), and a Document File Identifier (Doc File ID.)
Can a lender communicate with an appraiser?
Lenders are not allowed to initiate dialogue with an appraiser at any time or discuss appraisal after receipt of report. during the assignment, the appraisal department must be aware in advance of all communication between the loan officer and the appraiser.
What does CDA stand for in appraisals?
To prevent loss and raise confidence, Clear Capital created the Collateral Desktop Analysis (CDA), a Ratings Agency recognized risk assessment review product. The CDA re-evaluates the entire origination appraisal, validating its integrity, not just the value.
What is a Ucdp SSR?
The SSR contains a summary of the appraisal submission(s) for each loan, the status of the submission(s), and a Document File Identifier (Doc File ID), which is part of the unique appraisal identifier generated by UCDP. One Doc File ID is assigned per loan and is the same for delivery to either GSE.
Can the borrower contact AMC?
An Appraisal Management Company (AMC) is the third-party liaison between a mortgage lender and an Appraiser. Lenders are not permitted to contact the Appraisers directly during the mortgage loan process. This is to prevent lenders from “influencing” Appraisers to provide inflated home values.