With the passage of the Dodd-Frank Act, The Interim Final Rule of the Federal Reserve, and The 2010 Interagency Appraisal and Evaluation Guidelines, the message is very clear. The regulators are requiring a complete separation of the loan production staff from the appraisal ordering and appraisal review function. Excerpts are provided on this website from these regulations that reflect the clearly state the intent. This doesn't mean you can't request a correction, request additional information or clarification, or even if some additional information is provided by the lender, a "reconsideration of value". None of these regulations make the lender unable to communicate or ask questions. Their purpose is to prevent an appraiser from being improperly influenced in their Estimate of Value.
At SAMCO at all times, the processing and loan officer staff can see the progress and all communication between SAMCO and the appraiser by just accessing the Status Board for that appraisal. The processing/loan officer does not know who the appraiser is, just their communication, which ensures the separation of lender and appraiser while keeping clear communication.
At SAMCO at all times, the processing and loan officer staff can see the progress and all communication between SAMCO and the appraiser by just accessing the Status Board for that appraisal. The processing/loan officer does not know who the appraiser is, just their communication, which ensures the separation of lender and appraiser while keeping clear communication.