Appraiser Oversight. The purpose of the review of Appraisals by the PFI during its post-Closing QC process is to determine the quality of the Appraisal itself as well as the quality of the work of the appraiser. Therefore, the QC plan must include requirements for the monitoring and assessment of the quality of work performed by appraisers used for Mortgage Loans sold under the MPF Program. A PFI must also develop and maintain a documented process to monitor the appraisers it uses. The process, at a minimum, must include an annual review of an appraiser’s state licensing or certification status and a procedure for suspending or terminating business with individual appraisers. Additionally, the PFI must have a procedure for referring appraisers to the applicable state licensing and regulatory board if necessary. The MPF Bank may refuse to accept an Appraisal prepared by a specific appraiser or may notify a PFI that it will no longer accept Appraisals prepared by a given appraiser based on its QC reviews. PFIs are accountable for the quality of the QC Appraisal reviews regardless of whether the work is performed by the PFI itself or by an outsourced QC service provider or vendor. Field Reviews The field review Appraisal must be written on one of the following forms, based on the property type: • One-Unit Residential Appraisal Field Review Report (FNMA Form 2000 / FHLMC Form 1032); or • Two-to-Four Unit Residential Appraisal Field Review Report (FNMA Form 2000A / FHLMC Form 1072). A field review Appraisal is required for ten percent (10%) of the Mortgage Loans selected in the random sampling process that have an Appraisal. The ten percent (10%) sample may be selected using a random or targeted sampling methodology, allowing PFIs to choose certain loans or Appraisals. The field review Appraisal must be performed by a qualified, appropriately licensed or certified appraiser independent of the original appraiser or appraisal firm. A field review Appraisal must include at least the following: • Clear and detailed copied, digital, or electronically imaged photographs of: o the Mortgaged Property (front, back and street scene); o the comparables used in the Appraisal under review; o any additional comparables used in the field review Appraisal. • All addenda and explanations. • A location map that shows the location of: o the subject property; o all comparables included in the Appraisal report under review; o any additional comparable sales provided by the review appraiser. • A revi...
Appraiser Oversight. The purpose of the review of Appraisals by the PFI during its post-Closing QC process is to determine the quality of the Appraisal itself as well as the quality of the work of the appraiser. Therefore, the QC plan must include requirements for the monitoring and assessment of the quality of work performed by appraisers used for Mortgage Loans sold under the MPF Program. A PFI must also develop and maintain a documented process to monitor the appraisers it uses. The process, at a minimum, must include an annual review of an appraiser’s state licensing or certification status and a procedure for suspending or terminating business with individual appraisers. Additionally, the PFI must have a procedure for referring appraisers to the applicable state licensing and regulatory board if necessary. The MPF Bank may refuse to accept an Appraisal prepared by a specific appraiser or may notify a PFI that it will no longer accept Appraisals prepared by a given appraiser based on its QC reviews. PFIs are accountable for the quality of the QC Appraisal reviews regardless of whether the work is performed by the PFI itself or by an outsourced QC service provider or vendor.
