Originator/Underwriter/AMC Responsibilities

Originator Responsibilities

The originator/Underwriter are responsible for ensuring that the subject property provides adequate collateral for the mortgage. For all loans, Homium requires that the originator obtain a signed and complete appraisal report through Homium’s vendor or in the case of a purchase an AMC approved by Homium 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.