Originator/Underwriter/AMC Responsibilities

Originator Responsibilities

The originator/Underwriter are responsible for ensuring that the subject property provides adequate collateral for the mortgage. For most loans, Homium requires that the originator obtain a signed and complete appraisal report through Homium’s vendor that accurately reflects the market value, condition, and marketability of the property.

When an appraisal is obtained, the Appraisal Management Company is responsible for

• compliance with the Appraiser Independence Requirements;

• compliance with the Uniform Appraisal Dataset (UAD)

• ensuring the appraiser has utilized sound reasoning and provided evidence to support the methodology chosen to develop the value opinion, particularly in cases that are not covered by Homium policy;

• successful submission of the appraisal through the UCDP prior to delivery and

• continually evaluating the appraiser’s work through the quality control process.

If the transaction involves property data collection, the Appraisal Management Company is responsible for

• compliance with the Appraiser Independence Requirements for any property data collectors;

• selection of the property data collector and

• continually evaluating the property data collector's work through the quality control process.