For Your Protection:  Appraiser Questionnaire

In the past your mortgage professional was able to screen appraisers and assist in selecting a qualified, professional residential appraiser with experience in your local area. The new HVCC (Home Valuation Code of Conduct) has voided that process and forced the borrower/realtors to protect themselves.

Third party appraisal management companies are assigning appraisal requests to uncertified appraisers, which hurt the borrower/realtor as well as home values in the community. Some appraisers are now traveling over 150 miles to communities they are unfamiliar with and may devalue property in that area by as much as 50%.

As a borrower or realtor, you cannot select your appraiser, but you can screen and reject the appraiser selected for you, if you find them unfit to appraise your home or your client's home.

The most important and first step is to obtain hard copy of your appraiser’s license and Errors and Omissions insurance and check the dates to confirm they are current and valid. 

The following are questions that you need to ask any prospective appraiser to protect the value of your property: 

1.  How long have you been a licensed appraiser?

2.  Where is your office located?

3.  In what city/neighborhood do you live?

4.  What area did you do most of your work prior to the new HVCC?

5.  Please provide a copy of your appraiser's license and errors and omissions insurance.  

Lighthouse Mortgage is here to assist in any way we can to ensure that you and your property are fairly represented and protected. If you are uncomfortable in any way that a prospective appraiser responds to the above questions, please let us know as soon as possible.  If you wish to reject an appraiser due to the results of your screening, we will help you do so.