Selection of the Appraiser

The AMC

• is responsible for the selection of appraisers and for the qualifications and quality of work provided by the appraisers that are selected;

• may not use appraisals ordered or received by borrowers or other parties with an interest in the transaction, such as the property seller or real estate agent.

• must establish policies and procedures to ensure that qualified individuals are being selected in accordance with standard Fannie Mae requirements, including the Appraiser Independence Requirements.

• must ensure that an appraiser has demonstrated the ability to perform high-quality appraisals before using an appraiser’s services. The quality of an appraiser’s work is a key criterion that must be used in determining which appraiser the lender (or its authorized agent) uses for its assignments. The requirement for an appraiser to produce a high-quality work product must always outweigh fee or turnaround time considerations.

Note: Homium does not approve appraisers. Therefore, when selecting appraisers, lAMC’s must not give any consideration to an appraiser’s representation that they are approved or qualified by Homium.