When selecting residential appraisers, may loan production staff use a revolving pre-approved appraiser list, provided the list is not under their control?
Yes, loan production staff may use a revolving, board-approved list to select a residential appraiser, provided the development and maintenance of the list is not under their control. Staff responsible for the development and maintenance of the list should be independent of the loan production process. In developing the list, a regulated institution should consider the knowledge and expertise of the selected appraiser for a given assignment. For example, the list should indicate the qualifications of the appraiser to perform appraisals in particular markets and on various types of residential property transactions. If the next available name on the list is not selected, the departure should be properly documented in the credit file. The administrative procedures should include a process for qualifying an appraiser for initial placement on the list as well as for periodic monitoring of the appraiser’s performance to assess whether to retain an appraiser on the list. Further, there shoul
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?
- Who should be considered the loan production staff for purposes of achieving appraiser independence? Could loan production staff select an appraiser?
- Is appraiser communication with the loan production staff acceptable when the appraiser cannot gain access to a property or locate an address?
