Once the consumer has signed the Intent to Proceed, you can order the appraisal. Click Order Appraisal from the dropdown menu under the LOAN tab.
Complete the Appraisal Property & Products, Payment information, and Who Should the Appraiser Contact sections and click Save or Request Appraisal at the bottom of the page.
If the user chooses to Save the Appraisal, they can work on it later or Cancel it without it ever reaching an HVM for review. If a user chooses to Request Appraisal, then it will be sent to an HVM for review. If the HVM approves the appraisal, it is sent to a 3rd party vendor, LenderX, for approval.
- Once an appraisal is approved by the 3rd party vendor, it cannot be cancelled by the LO.
- The appraisal order can be viewed under Fulfillment – Appraisal Center
The Appraisal Center allows the LO to view Existing Orders as well as the Order Details by selecting the Order ID. The user has the ability to make changes to the order and Update it to notify the HVM. The user can also Cancel the appraisal should circumstances change during the loan process.
The user can view a variety of information under the Order Details such as: Appraisal Property & Products, Payment Information, and Who Should the Appraiser Contact.
Should the user choose to Cancel the appraisal after it has been requested, there are fail safes to prevent an accidental cancellation. Again, it is important to note that once the 3rd party appraisal vendor has approved and processed the order, it cannot be cancelled by the LO. The LO MUST cancel the appraisal before it is approved and processed by the 3rd party vendor.