All Appraisal/Valuation Reconsideration Request are reviewed for compliance with the Dodd/Frank Financial Report Act, Uniform Standards of Professional Appraisal Practice (USPAP), Fannie Mae and Freddie Mac (AIR) Appraiser Independence Requirements and underwriting guidelines, the Real Estate Settlement and Procedures Act (RESPA), the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), FHA, and finally, the specific underwriting guidelines of the Lender/Client.
Fannie/Freddie:
This update also requires the Seller to:
FHA:
Ordering a Second Appraisal (II.A.1.a.iii(B)(9)) (a) Second Appraisal by Original Mortgagee A second appraisal may only be ordered if the Direct Endorsement (DE) underwriter (underwriter) determines the first appraisal is materially deficient and the Appraiser is unable or uncooperative in resolving the deficiency. The Mortgagee must fully document the deficiency and status of the appraisal in the mortgage file.
The Mortgagee must pay for the second appraisal. The Mortgagee must report appraisals replaced due to material deficiencies to the applicable State Appraiser Regulatory Agency.
Appraiser Rights and Responsibilities
Rights:
Responsibilities:
Stewart Valuation Intelligence takes reconsideration requests very seriously. Upon receipt of the completed form and supporting documentation, SVI will notify you via e- mail that your dispute package has been received and the process in which your dispute will be handled.