Correspondent Appraisal Center


Correspondent Appraisal Center

Appraisals are valid for 120 days from the note date for Owner Occupied Properties and 2nd Homes, a 1004D is required prior to 120 days to make an appraisal valid for an additional 30 days. Investment property appraisals are only valid for 120 days from the note date and cannot be extended.
All loans require 1 full 1004 appraisal with interior and exterior inspection.
The following transactions require an appraisal review to support the value within 10% tolerance. It may be an AVM, desk review or field review: 

  • Loan amounts ˃ $453,100
  • Cash-out > $100,000
  • Non-arm’s length transactions
  • All investment property refinances

The following transactions require a Clear Capital CDA (we can order for you at a cost of $155.00) or a field review: 

  • LTV > 80%
  • Loan amounts from $1,000,000 – $1,500,000

A second appraisal (can be from the same AMC but must be a different appraiser) is required when one or more of the following are present on the loan: 

  • Loan amounts ≥ $1,500,000
  • Flip transactions that fall into these categories:
    • Greater than 10% increase in sales price if seller acquired the property in the past 90 days
    • Greater than 20% increase in sales price if seller acquired the property in the past 91‐180 days

The lower value of the 2 appraisal valuations will be used to determine value and calculate LTV