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Are lenders permitted to order a second appraisal or AVM on high-value or unique properties to ensure the most accurate value is obtained?

April 26, 2017appraisal AVM ensure high-value lenders permitted properties

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Are lenders permitted to order a second appraisal or AVM on high-value or unique properties to ensure the most accurate value is obtained?

2 Answers

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Yes, as long as such appraisal or AVM is done pursuant to: • Written, pre-established bona fide pre- or post-funding appraisal review or quality control process or underwriting guidelines. • Lender adherence to a policy of selecting the most reliable appraisal as stated in Section I.B. (9) of the Code.

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Yes. As long as such appraisal or AVM is done pursuant to: • Written, pre-established bona fide pre- or post-funding appraisal review or quality control processes or underwriting guidelines. • Lender adherence to a policy of selecting the most reliable appraisal as stated in Section II of AIR.