Appraiser Independence

Requirements

You must ensure no PersonPersonLegal person, including an individual, estate, trust, corporation, partnership, limited liability company, financial institution, joint venture, association, or other organization or entity (whether governmental or private). influences, or attempts to influence, the development, reporting, result, or review of an AppraisalAppraisalWritten statement independently and impartially prepared by a qualified Appraiser stating an opinion of the Property's market value as of a specific date, and supported by the presentation and analysis of relevant market information. through coercion, extortion, collusion, compensation, inducement, intimidation, bribery, or any other manner including:

• withholding, or threatening to withhold:
  • timely payment; or
  • future business;
• demoting or terminating, or threatening to demote or terminate, the AppraiserAppraiserPerson engaged to estimate a Property’s market value per USPAP. or any AppraiserAppraiserPerson engaged to estimate a Property’s market value per USPAP. employee;
• promising, either expressly or implicitly, the AppraiserAppraiserPerson engaged to estimate a Property’s market value per USPAP. or any PersonPersonLegal person, including an individual, estate, trust, corporation, partnership, limited liability company, financial institution, joint venture, association, or other organization or entity (whether governmental or private). related to the AppraiserAppraiserPerson engaged to estimate a Property’s market value per USPAP. :
  • future business;
  • promotions; or
  • increased compensation, including
    • financial benefits, or
    • non-financial benefits;
• conditioning the AppraisalAppraisalWritten statement independently and impartially prepared by a qualified Appraiser stating an opinion of the Property's market value as of a specific date, and supported by the presentation and analysis of relevant market information. order, or any bonus payment on
  • the Appraisal’sAppraisal’sWritten statement independently and impartially prepared by a qualified Appraiser stating an opinion of the Property's market value as of a specific date, and supported by the presentation and analysis of relevant market information. opinion of the Property'sProperty'sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). value, or
  • a requested preliminary value estimate;
• any AppraiserAppraiserPerson engaged to estimate a Property’s market value per USPAP. communications (other than providing a copy of the purchase/sales contract for an AcquisitionAcquisitionAny Purchase of either the: Property’s fee simple or leasehold interest via a deed transfer; or Controlling Interest in the Borrower. ) regarding the Property’sProperty’sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). anticipated, estimated, encouraged, or desired:
  • comparable properties;
  • capitalization rates; or
  • value or value range;
• providing the AppraiserAppraiserPerson engaged to estimate a Property’s market value per USPAP. a proposed or targeted loan amount;
• impairing, or attempting to impair, through any other act or practice, the Appraiser’sAppraiser’sPerson engaged to estimate a Property’s market value per USPAP.
  • independence,
  • objectivity, or
  • impartiality; or
• violating compliance with any law or regulation, including the USPAPUSPAPUniform Standards of Professional Appraisal Practice .

To ensure the Appraiser’sAppraiser’sPerson engaged to estimate a Property’s market value per USPAP. independence, you must:

• implement written policies and procedures;
• ensure any Outside PartiesOutside PartiesPerson you retain to perform services for multifamily Mortgage Loans (e.g., Appraisers, inspectors, Correspondents, law firms, engineers, environmental consultants, and Brokers, title companies, or title agents). involved in your Lender Appraisal FunctionsLender Appraisal FunctionsThe Lender: internal roles or job functions, including any employees that report up to the Chief Underwriter (but excluding any Lender Loan Origination Functions), involved with the following Appraisal-related responsibilities: engaging the Appraiser; defining the Appraisal’s scope… maintain AppraiserAppraiserPerson engaged to estimate a Property’s market value per USPAP. independence by confirming they do not also participate in your Lender Loan Origination FunctionsLender Loan Origination FunctionsAny: Lender internal roles or job functions reporting up to the Chief Production Officer; Lender employees who receive a commission or bonus if the Mortgage Loan closes, including any employees or functions that report up to these roles and/or their immediate supervisor; Mortgage Loan…; and
• if requested, provide evidence confirming your Lender Loan Origination FunctionsLender Loan Origination FunctionsAny: Lender internal roles or job functions reporting up to the Chief Production Officer; Lender employees who receive a commission or bonus if the Mortgage Loan closes, including any employees or functions that report up to these roles and/or their immediate supervisor; Mortgage Loan… are separate from your Lender Appraisal FunctionsLender Appraisal FunctionsThe Lender: internal roles or job functions, including any employees that report up to the Chief Underwriter (but excluding any Lender Loan Origination Functions), involved with the following Appraisal-related responsibilities: engaging the Appraiser; defining the Appraisal’s scope….