This article provides detailed instructions for ordering and managing appraisals in TPO.
Table of Contents
- Ordering an Appraisal
- Update, Cancel, or Hold an Appraisal Order
- Adding an Additional Appraisal Fee
The Appraisal Center is where users can order and manage appraisals for the subject property.
Users can access the Appraisal Center by selecting the Appraisal tab in the stepper navigation bar. By default, this tab is enabled only after all borrowers have signed the Initial Disclosure package and the Intent to Proceed (ITP) date is received. If the tab is greyed-out, make sure that these conditions have been satisfied. However, the system can be configured to enable the Appraisal tab without the ITP date when the user indicates on the Fees tab that the appraisal fee will be paid by the Broker.
The Appraisal tab is not enabled for VA loans.
|Users must have the 'View Appraisal Center' privilege enabled to access the Appraisal tab|
Ordering an Appraisal
The Appraisal Center gives users the ability to order, coordinate, and arrange payment for appraisals of the subject property with a licensed appraiser.
Follow these steps to order an appraisal:
1. Use the fields at the top of the Appraisal Center to indicate whether an appraisal is required for the subject property or whether the appraisal can be waived. This often depends upon the selected loan product and the the AUS results.
2. Select Order New Appraisal
3. Use the fields in the following window to provide information for the appraisal order, including the seller's name, payment arrangements, and point-of-contact info for the appraiser. If the borrower is paying the appraisal fee, they will be able to use the consumer portal (cPOS) to provide their payment information. Otherwise, their payment information can be entered directly in this window.
The following fields in this window are required before the appraisal order can be placed:
- Seller Name (Purchase Only)
- Seller Type (Purchase Only)
- Payment Method
- Preferred Date
4. Select Order Appraisal. If the borrower is using cPOS, an 'Order Appraisal' task will be added to their "Your Tasks" page, where they will be able to provide their credit card information to pay the appraisal fee.
5. You can then review and track your appraisal order request in the Existing Orders section
Update, Cancel, or Hold an Appraisal Order
After an appraisal has been ordered, users can update the order by editing the fields in the Order Details section of the Appraisal Center, which is identical to the 'Order New Appraisal' window above. Once the necessary information has been updated, select Send Updates. The relevant pieces of updated information will be sent to the assigned appraiser.
To cancel an existing appraisal order, open the contextual menu on the Appraisal Center action button and select Cancel Order. You will be prompted to review the order information and confirm before cancelling.
To place a hold on an existing appraisal order, open the contextual menu on the Appraisal Center action button and select Hold Order. You will be prompted to review the order information and confirm.
Adding an Additional Appraisal Fee
|This feature must be configured to enable the creation of additional appraisal fees. Refer to this article to learn more.|
When the Appraisal tab is enabled, users can select the Order New Appraisal button to order as many appraisals as needed. In some cases, however, users may know in advance that several appraisals will be necessary and want to calculate the additional appraisal fees before the Appraisal tab is enabled. In this scenario, additional appraisal fees can be added directly in the Fees tab.
1. On the Fees tab, select +Add a fee
2. Select Appraisal - Second Appraisal from the drop-down menu in the new row
3. Select Add Appraisal Product
4. Use the drop-down menu in the following window to select an additional appraisal product
5. Select Add Fee. The new appraisal fee will now be displayed in the fees table.
Use the Order New Appraisal button in the Appraisal Center to make arrangements to have the subject property appraised. If the borrower is paying the appraisal fee, the Appraisal Center is only available after disclosures have been created and an ITP date has been received. If the user indicates on the Fees tab that the broker is paying the appraisal fee, the Appraisal Center can be accessed before disclosures are created.