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Feedback on Annual Appraiser Engagement Form

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  • #2377
    kowsley
    Keymaster

    I thought the Annual Appraiser Engagement Form is a very good idea and we have decided to incorporate this into our procedures that we use to update our appraisers information, i.e. license, certifications, etc. We complete an annual review of our appraisers in June each year so we will incorporate this idea at that time.

    Since the new appraisal guidelines came out we have incorporated an Engagement Letter that is completed by the Loan Officer and forwarded to the Compliance Dept. prior to being sent to the appraiser. This maintains the independence requirements of the guidelines and provides us an opportunity to review it to ensure all information is included. Although the attached engagement letter requests a signature, we removed the signature line of the engagement letter due to the appraisers complaining about time involved. We do ask in the email that he/she acknowledges receipt of the letter and clarifies that the due date is acceptable. If we have a certified general appraisal request that requires a more in-depth appraisal, my department will typically contact the appraiser to get a quote on the costs associated. The engagement letter works well for us and provides us the ability to track our appraisals bank-wide. The appraisal gets sent back to my department and reviewed prior to being sent to the loan officer.

    I have attached a copy of the engagement letter that we use.

    #2889
    pcorder
    Participant

    We plan to incorporate into our procedures as well.

    The employee who is responsible for gathering sample appraisals and licenses annually, is very excited. She feels it will make her job much easier to do with the engagement letter.

    Thanks!

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