The HUD Appraisal Independence guidelines originally planned for implementation on January 1, 2010 are officially effective for all case numbers assigned on or after February 15, 2010. The new guidelines prohibit mortgage brokers and commission-based employees from participating in the appraisal ordering process.
Case number assignment functionality will be available in the FHA Connection without requiring the appraiser information. The case number assignment screen will no longer capture the assignment choice, license ID and assignment date. Instead, lenders will be required to enter all appraisal data, including the appraiser ID in the Appraisal Logging Screen once the completed appraisal is received by the lender and prior to the loan closing.
Accordingly, Real Estate Mortgage Network (REMN) has provided an “Order Appraisal” tab on our website,www.remnwholesale.com. It will include links where the broker will be able to order the appraisal from an approved appraisal management company (AMC) who will assign the appraisal to an anonymous appraiser. There will also be an option to order the appraisal from an AMC directly affiliated with REMN. The broker will receive notification of the acceptance of the appraisal order as well as copy of the completed appraisal.
If you have any questions, please contact your AE.