Items to check before starting the request:
Check DU and LPA (in the Underwriting placeholder) for a Property Inspection Waiver (PIW). If we have one DO NOT order an appraisal)
The Intent to Proceed (ITP) must be received and entered in the Disclosure Tracking screen. If it’s not, enter it through the Disclosure Tracking screen or the Loan Estimate Page 1 screen. If the ITP isn’t back yet, let the LO/LOA know you can’t order the appraisal yet.
Note down the Property Type, Loan Type and Occupancy/Purpose. Make sure to verify the Property Type on Google.
For purchases, make sure the Buyer’s Agent and Seller Agent’s names, phone numbers and email addresses are in the File Contacts. For refinances, note down the owner’s phone number.
For FHA loans, make sure you’ve generated your Case Number BEFORE ordering.
Navigate to the Services tab, click on Order Appraisal and double-click on Mercury Network Software.
A window will pop-up and default to the Order tab.
Select the Client Group (this is the branch being charged).
Then your desired AMC.
Leave the Disclosure Date blank and Early Appraisal Consent unchecked.
Type in your name in the Ordered By box and enter any email addresses of people who need notification (separated by semi-colon) in the Notification Email box.
Enter a Due Date.
If you need a rush, check the Rush Order box (there will be an additional fee).
Select the appropriate appraisal Product based on the Property Type and Occupancy/Purpose.
If the borrower is buying an investment property or a multi-unit primary that will have units rented out, make sure to order a Rent Schedule and Net Operating Income Statement.
If the loan type is FHA, select the corresponding FHA form.
Single Family Residential Appraisal Report (Conventional)
1004
Small Residential Income Property (multi-family)
1025
Individual Condominium Unit Appraisal
1073
Manufactured Home Appraisal Report
1004C
Completion Certification (final Inspection) and Appraisal Update (recertification of value)
1004D
Single-Family Comparable Rent Schedule (for investment property)
1007
Net Operating Income Statement (for investment property)
216
Desk Review Form
DESK
Field Review Form
FIELD
On the Attachments line click the Magnifying Glass, click the Magnifying Glass on the new pop-up window then attach the Purchase Contract. For the Attachment Type drop-down select “Sales Contract.”
If you need to, insert any comments in the Order Comments box.
In the Loan/Property tab, complete any missing information and double-check the accuracy of the data that pulled over.
In the Contacts tab, for purchases, if the Seller’s Agent contact information is filled out in the File Contacts screen it will pull over to the right column on this tab. On the left column, select the blank drop-down and choose Agent, Work Phone and Email.
Select the Appointment Contact as well.
In the Payment tab, “Payment For” should default to New order. Select “Deferred CC” for the Payment Type. With this method, your borrower will receive a secure email link to pay for the appraisal.
Click the Submit Order button. The appraisal is now ordered!
After the request has been processed, a new pop-up window will appear. It will ask you if you want to update particular data fields in Encompass. Make sure to uncheck the “Appraisal Fee” line. This is done to reduce the chances of an increased appraisal fee due to the AMC/Appraiser charging more, a trip/distance fee or any other fee that could result in a Cost to Cure.
Email the branch to notify them the appraisal has been ordered.
When the appraisal is received, deliver the Appraisal through the Services tab.
For VA loans, the NOV must be issued by the underwriter BEFORE it can be sent out
FHA Appraisals expire after 120 days. Recertification of Value MUST be completed before the 120 days.
Conventional loans require a Recertification of Value after 120 days but are good for up to 12 months
