Can a broker initiate an appraisal request through a lenders designated appraisal management company (AMC)?
This process is permissible provided all of the following criteria are met: o 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, o The AMC selects, retains, and provides for payment of all compensation to the appraiser on the lenders behalf, o The appraiser’s client is the lender and the appraiser correctly identifies the lender as the lender/client on the appraisal report, o The lender has policies and procedures in place that comply with the Code, and o The lender ensures that the AMC has policies and procedures in place that comply with the Code.
