Correspondent Lending Appraisal Procedure - May 22, 2017
Appraisal Requirement Announcement
May 22, 2017
AIG Correspondent Lending would like to announce a change to our appraisal requirements as stated in our Seller’s Guide and Jumbo Underwriting Guidelines.
Effective with loans locked on or after June 2, 2017, AIG will now require all jumbo appraisals to be accompanied by a field review or desk review. The desk review products acceptable to satisfy the new requirement must be from one of the three providers listed below:
- Clear Capital© Collateral Desktop Analysis(CDA®)
- Summit Valuations© (SVR)
- Pro Teck Valuation Services© Appraisal Risk Review (ARR)
AIG will no longer accept the submission of an appraisal prior to the receipt of a closed loan package nor will we review and consider the results from a FNC submission. Additionally, a second appraisal will no longer satisfy the requirement for a second valuation tool.
We value our business partners and thank you for your continued support. Please reach out to your Sales Vice President if you have questions related to this announcement.