How do lenders determine the correct process for selecting an appraiser?
Sellers must comply with the following requirements related to the selection of an appraiser: • Sellers must select appraisers in compliance with the terms of the Code • Appraisers must be certified or licensed in the state in which the property is located, and must be eligible to perform appraisals in that state • Appraisers must be familiar with the local market in which the property is located, must be competent to appraise the subject property type, and must have access to the data sources needed to develop a credible appraisal • For additional information regarding appraisers and appraisal requirements, please refer to our Freddie Mac Single-Family Seller/Servicer Guide (Guide) Bulletin 2009-18 issued on July 10, 2009. • Are processors, closers, secondary marketing employees, underwriters, etc., permitted to order appraisals if they do not receive commission or incentives to close loans, but report up to a senior level employee who is responsible for loan production? The Code stat
Lenders must comply with the following requirements related to the selection of an appraiser: • Sellers must select appraisers in compliance with the terms of the Code. • Appraisers must be certified or licensed in the state in which the property is located. and must be eligible to perform appraisals in that state. • Appraisers must be familiar with the local market in which the property is located, must be competent to appraise the subject property type, and must have access to the data sources needed to develop a credible appraisal. For additional information about appraisers and appraisal requirements, please refer to Freddie Mac’s Guide Bulletin 2009-18 issued on July 10, 2009.
