Can a broker initiate an appraisal request through a lenders designated AMC?
Yes. This process is permissible provided all of the following criteria are met: • The AMC is specifically authorized by the lender to act on its behalf and the AMC is not acting on behalf of the mortgage broker. • The AMC selects, retains, and provides for payment of all compensation to the appraiser on the lender’s behalf. • The appraiser’s client is the lender and the appraiser correctly identifies the lender as the lender/client on the appraisal report. • The lender has policies and procedures in place that comply with AIR. • The lender ensures that the AMC has policies and procedures in place that comply with AIR. • May a lender direct a broker to use a Web portal set up either by the lender, or by the lender’s authorized agent, through which the broker inputs a request for an appraisal and then triggers the lender’s system to order an appraisal? Yes. A lender may direct a broker to use a Web portal in this manner.
