Dear Business Partner,
FHA recently posted a new FAQ that clarifies the appraiser independence mortgagee letter, ML 09-28. The text of the FAQ is below:
"Q: May a lender order an appraisal by directing a broker to select an AMC from among a group of specifically authorized AMCs, one of which would receive information from the broker about the loan application and begin the appraisal process?
Subsequently, if SWMC is elected to underwrite your FHA loan, please ensure that you properly order the Appraisal from our Vendor Order section in Reversesoft Online. You may also opt to place your order through our standardized Appraisal Order form. If you need further assistance please contact your Account Executive for additional training.
SWMC Partners that sell Closed Loans to SWMC are encouraged to order the appraisal from one of SWMC’s approved AMCs. Below is the list of approved AMCs.
Please refer to FHA FAQ at below link specifying the requirement of new regulations.
P.S. You can access Appraisal Order form from at below link:
SWMC is unable to accept any appraisals ordered in the name of a Broker. A new Appraisal would be required at the Broker's cost.
If you have any further questions, please contact your Account Executive at (800) 453-7884.
Sun West Mortgage Company, Inc.
Sun West Mortgage Company, Inc. is licensed by the Department of Corporations under the California Residential Mortgage Lending Act and holds a California Finance Lender License (603 0119) and a Corporation Real Estate Brokers License (00793885). Refer to www.swmc.com to see where SWMC is a licensed lender. In all states, the principal licensed office of Sun West Mortgage Company, Inc. is 18303, Gridley Road in Cerritos, CA 90703; Toll Free: (800) 453-7884. All Sun West programs are subject to change without notice.