When selecting an appraiser, may lenders use a pre-approved appraiser list or panel?
Yes. Lenders may use a pre-approved list or panel to select a residential appraiser, provided that (1) any employees of the lender tasked with selecting appraisers for the list are independent of the loan production staff; and (2) the loan production staff is not involved in selecting appraisers off the list for particular appraisal assignments.
Related Questions
- When selecting residential appraisers, may loan production staff use a revolving pre-approved appraiser list, provided the list is not under their control?
- When selecting an appraiser, may lenders use a pre-approved appraiser list or panel?
- How do lenders determine the correct process for selecting an appraiser?
