Appraisal Process Overview for Brokers

Use links below to answer questions or find details regarding Impac’s Appraisal Process:

Appraisal Desk Service Statement Appraisal Desk Contact Information Appraisal Desk Services Broker Responsibilities How to Request Login/Password for the appraisal management system (AMS) Ordering a VA Appraisal or IRRRL AVM Jumbo Appraisal iQM Appraisals, Appraisal Reviews, or Field Reviews Value Appeals Transfer an Appraisal to Impac Transfer an Appraisal from Impac

Forms named in this Overview are located at the end of this document in alphabetical order: Intent to Proceed Confirmation Appraisal Reconsideration Request Appraisal Transfer from Impac Appraisal Transfer to Impac New Broker Appraisal Set Up VA Appraisal Order

Appraisal Process Overview for Brokers

Page 1 of 12 Impac Mortgage Corp. 06/03/2016

Appraisal Process Overview for Brokers

Appraisal Desk Service Statement Impac’s mission is to provide an efficient and user friendly appraisal experience for Brokers. Impac uses Mercury Network (referred to as AMS) to allow Brokers to order, monitor and receive appraisal documentation, with the exception of VA appraisals. 

Impac’s Appraisal Desk will communicate with Impac’s designated vendor (AMS) or the Appraisal Management Company (AMC) relaying any concerns pertaining to an appraisal.

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Impac is committed to resolve any concern the Broker may have in a reasonable timeframe.

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All orders and messages placed with the AMS go directly to the AMC.

Appraisal Desk Contact Information 

Email:

[email protected]

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Phone:

855-464-6722, Option 6

Appraisal Desk Services 1. Set up brokers with Mercury Network (AMS) o

All appraisals are ordered through this platform

o

Appraisals are assigned to an AMC by the AMS

2. Orders requests for VA appraisals if the broker does not have VA portal access 3. Orders FHA Case Number Assignment from FHA Connection 4. Orders an AVM as required by the loan program or at the Underwriter’s discretion 5. Provides appraisal pipeline management 6. Assists in resolving any appraisal concerns/issues with the AMC and the broker 7. Forwards the completed appraisal to Underwriting for initial review 8. Forwards appraisal(s), Appraisal Risk Reviews (ARRs), and/or field reviews to borrower(s) via email or postal mail o

If borrower’s email address is provided – the appraisal must be received at least 3 days before funding

o

If the appraisal must be mailed to the borrower – the appraisal must be received at least 7 days before funding

9. Assists with appraisal “in” or “out” transfer requests

Appraisal Process Overview for Brokers

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Appraisal Process Overview for Brokers

Broker Responsibilities 1. Prior to ordering the appraisal, determine the following: a. If the appraisal is Broker Paid, no disclosure documentation is required; the order may be placed by the Broker at any time. Continue with Step 3. b. If the appraisal is Borrower Paid, the Broker must provide the Borrower the following disclosure. Include the signed Intent to Proceed with the submission package sent to Impac. Alternatively, provide a signed Intent to Proceed Confirmation. 2. Order the appraisal via the AMS system (including any required Appraisal Update and/or Completion Report Fannie Mae Form 1004D). 3. Ensure all the necessary documentation and information is provided to complete the order timely: a. b. c. d.

Available point of contact for scheduling Lock box code, if available Purchase contract Preliminary title report, if available

4. Provides the AMC with any Impac required appraisal conditions

How to Request a Login and Password for the AMS 1. Download New Broker Appraisal Set Up form from the Impac Wholesale website. 2. Email the completed form to [email protected] o

If the email is sent to the Appraisal Dept. before 3:00 PM PST, expect a login the same day; otherwise, you will receive a login by the next business day.

3. The AMS (Mercury Network) will send you an email titled “Account Information” with a link to the AMS website, along with your login information and password. Refer to an instructional tutorial– Appraisal Training Guide – or a training resource - the VMP Client Portal User’s Guide in the Impac Wholesale website which provides direction for placing an order or searching for existing orders.

Appraisal Process Overview for Brokers

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Appraisal Process Overview for Brokers

Ordering a VA Appraisal or IRRRL AVM A VA appraisal must be ordered using the VA Portal. 

Brokers with access to the VA Portal are responsible for ordering the VA appraisal: https://vip.vba.va.gov/portal/VBAH/Home

If the Broker does not have access to the VA Portal, follow these steps:

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Complete the VA Appraisal Order using this link: https://impacwholesale.com/resources/wholesale-forms-and-resources o

VA IRRRLs require an AVM, which must be ordered by Impac

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Send the loan number, borrower name, and property address to [email protected] requesting an AVM be ordered.

o

Impac will obtain the VA Case Number for the IRRRL

All VA appraisal fees must be paid at closing.

Jumbo Appraisal 

Brokers may order the jumbo appraisal using Impac’s AMS following standard procedures.  Follow program-specific requirements when ordering jumbo appraisals:  Include any special instructions; such as any rush requests. Provide the delivery date needed with the email. Note: Transferred appraisals are ineligible on Jumbo loan programs. iQM Appraisals, Appraisal Reviews or Field Reviews:  

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Order a standard conventional appraisal using Impac’s AMS following standard procedures for loan amounts < $1,000,000. For loan amounts over $1,000,000, 2 standard conventional appraisals are required. Once the appraisal is reviewed and approved by an Impac Underwriter, order the second appraisal. o All FSBO properties require 2 full appraisals If the variance exceeds 10%, the Appraisal Desk will request an appraisal review. When two appraisals are required, an appraisal review is not necessary.

Note: An Appraisal Transfer to and from Impac are eligible on the iQM loan programs.

Appraisal Process Overview for Brokers

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Appraisal Process Overview for Brokers

Value Appeals  

Send a completed Appraisal Reconsideration Request form along with any comparable property information to [email protected] The Appraisal Dept. will review and submit to the AMC who is responsible for delivering to the assigned appraiser.

Transfer an Appraisal to Impac from another Lender: Transferred appraisals are ineligible on Jumbo loan programs: To transfer an existing appraisal to Impac, send the following to the Appraisal Desk at [email protected]:    

A completed copy of the Appraisal Transfer Request form A color copy of the appraisal, the AIR compliance certification from the AMC A copy of the paid invoice UCDP Submission Summary Report (SSR) o If you are unable to provide the SSR, provide a first generation XML copy of the appraisal. o The AMC can provide an XML copy. o XML or Extensible Markup Language is a computer language copy of a PDF that some lenders require all appraisals be submitted in this format.

The Appraisal Dept. submits the appraisal and documentation sent with the request to Underwriting for review. o Allow Underwriting 48 – 72 hours to review and determine if the transferred appraisal is acceptable.

Appraisal Process Overview for Brokers

Page 5 of 12 Impac Mortgage Corp. 06/03/2016

Appraisal Process Overview for Brokers

Transfer an Appraisal from Impac to another Lender: Impac will entertain requests for an appraisal transfer to another lender. The following documentation will be provided to the Broker within 48-72 hours for the new lender: o o o o o

Impac’s transfer letter AIR compliance certificate from the AMC A copy of the appraisal SSR Note: Extra time may be necessary if an XML copy is required.

Provide a completed Appraisal Transfer from Impac to the Appraisal Desk at [email protected], which must include the following: Borrower’s last name o Loan number o Name and address for the new lender o Be sure to specify is a XML copy is required. o VA appraisals must be transferred within the portal. Provide the new lender’s VA Lender ID.

Appraisal Process Overview for Brokers

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Appraisal Process Overview for Brokers

Intent to Proceed Confirmation (signed by the Broker)

Appraisal Process Overview for Brokers

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Appraisal Process Overview for Brokers

Appraisal Reconsideration Request

Appraisal Process Overview for Brokers

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Appraisal Process Overview for Brokers

Appraisal Transfer from Impac

Appraisal Process Overview for Brokers

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Appraisal Process Overview for Brokers

Appraisal Transfer to Impac

Appraisal Process Overview for Brokers

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Appraisal Process Overview for Brokers

New Broker Appraisal Set Up

Appraisal Process Overview for Brokers

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Appraisal Process Overview for Brokers

VA Appraisal Order

Appraisal Process Overview for Brokers

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