May in-house appraisers prepare appraisal reports?
Yes, in-house appraisers may prepare appraisal reports if the conditions of Section IV.B. are met.
May a lender’s in-house appraiser adjust the value on an appraisal during an appraisal review as part of a pre-funding or post-funding quality control process?
Yes, a lender may use an appraisal that has been adjusted by an in-house appraiser during a review process. The Code does not prohibit the underwriting of an appraisal by a lender’s underwriting staff. The Code does not prohibit a lender’s due diligence in originating a loan.
May a correspondent lender use in-house appraisers?
Yes, a correspondent lender may use in-house appraisers if they meet the criteria in Section IV.B. of the Code.
Are any institutions excluded from these restrictions on the use of in-house appraisers?
Yes. Please refer to Qs 14 and 15 of the Scope of Coverage section.
