Monday, October 20, 2008

Approved Appraisers

When a mortgage broker chooses an appraiser, one of the things that must be checked is the "approved appraisers" list for the lender that is financing the loan. Many lenders have a list of appraisers whom they have already approved, and they will not consider appraisals that have been completed by anyone who is not on that approval list.

The approval process is usually fairly easy - in most cases the appraiser must submit a license, a resume, and proof of E&O insurance. However, the approval process sometimes takes a long time (weeks, not days) and some lenders are not allowing anyone new to be on their approval list. If a lender has already been chosen and the appraisal has been completed by an appraiser who is not approved by the lender, another appraisal will have to be ordered and paid for.

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