Bulletin W14-004 – Update, Policies and Procedures; Appraisal Management and Retail Appraisal Policy

January 9, 2014Bulletins

Topic included in Bulletin W14-004:

  • Appraisal Management Policy and Retail Appraisal Policy have been updated and are effective with applications received on and after January 10, 2014
  • Updates include:
    • Appraisal Management Policy
      • Copies of all valuations must be sent promptly after receipt of appraisal
      • If loan is cancelled or declined,  a copy of the appraisal must be sent within 30 days of decision
      • Clerical error is defined
      • Flipping dates are defined
      • Clarification regarding Property Flips
      • No wavier allowed on HPML loans
    • Retail Appraisal Policy
      • Copies of all valuations must be sent promptly after receipt of appraisal
      • If loan is cancelled or declined,  a copy of the appraisal must be sent within 30 days of decision
      • CMS does not charge for copies of valuations
      • HPML VA IRRRLs require a Uniform Residential Appraisal Report, Form 1004
      • Flipping dates are defined
      • No waiver allowed on HPML loans

Download: Bulletin – W14-004 (PDF)

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