1st Advantage Mortgage - Wholesale Lending : Bulletin Archive


	Home > Bulletin Archive > FHA Appraiser Independence February 5, 2010 FHA Appraiser Independence In order to comply with the upcoming implementation of HUD Mortgagee Letter 2009-28 regarding appraiser independence, 1st Advantage Mortgage will be making the following change: Effective with all case numbers assigned on or after February 15, 2010, 1st Advantage Mortgage will order appraisals when the loan is registered and the broker completes the appraisal request form. This online form will be populated with the pertinent information from the loan registration. The information will be editable and additional appraisal related information can be added. The 1st Advantage Mortgage wholesale processor will forward the order to a National Appraisal Firm or Appraisal Management Company (AMC) for processing. We have negotiated service level agreements to insure appraisals are returned in a timely fashion. The Appraisal firm will contact the borrower to schedule the appointment and collect payment. A copy of the appraisal will be sent directly to the borrower and a copy of the appraisal will be posted in the document management section of the broker’s online pipeline. Our wholesale processor will communicate with the broker when the appraisal is available and post status updates in Web Trac. This information is for use by mortgage professionals only and should not be distributed to or used by consumers or other third parties. Information is accurate as of the date of printing and is subject to change without notice.