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Good afternoon,

Based on feedback from our branches we are revising the following section of the new Appraisal Process to reflect that the appraisal will not automatically be released to the borrower:

APPROVED APPRAISAL

• The branch was sent the initial appraisal via Mercury and will release a copy of the appraisal to the borrower when the LO/LP deems appropriate. The branch is responsible for making sure the delivery receipt is obtained.
• The following delivery acknowledgments will be acceptable:
  • Branch can send a message through Encompass to the Appraisal department and someone will push the appraisal out to the borrower for download, and this will produce a SureReceipt
  • Branch can deliver the appraisal to the borrower via e-mail and have the Appraisal Delivery Acknowledgment wet signed or Docu-Signed via Floify
  • If the borrower does not have an e-mail address then a copy will need sent to the borrower via US mail and the borrower must wet-sign the delivery acknowledgment
• If the appraisal is delivered to the borrower before underwriting review and then there are material revisions as a result of the underwriting process, the branch is responsible for making sure the final appraisal has been sent to the borrower via either of the delivery methods above.
  • NOTE: If a later version of the appraisal must be disclosed to the borrower due to a material change (such as value change) the borrower must acknowledge the final appraisal we are using for the loan a minimum of 3 days prior to closing, unless a timing waiver was signed
  • If a second appraisal is required (due to flip or HPML) then the acknowledgment date for compliance purposes will be based on the date the borrower receives and acknowledges the second appraisal
• The branch also needs to make sure we get a delivery receipt, if the borrower did not download the appraisal sent from Mercury or does not have an email, you will need to send them a copy via mail or email and a delivery acknowledgement form wet signed or eSigned via Floify will need to be executed.
• The Appraisal delivery form or the Appraisal waiver form must be signed three (3) days prior to the closing so make sure you get one of these forms signed timely.
  • On HPML files you must have a delivery form signed you cannot use a waiver form.

If you have any questions, please don’t hesitate to reach out.

Attachment:

New Appraisal Underwriting Process