Wholesale – “Third Party Originated”
Ordering – An email notification is auto populated from the BRIDGE IOS the day after the APR was delivered to the borrower via the MFG Initial Loan Disclosures. The email notification informs the broker that he is now authorized, according to ECOA, to order the appraisal.
(*) (**) The broker is to go to one of the five approved AMC’s and order the appropriate appraisal form on our behalf.
Communication – The broker will get all the scheduling and inspection information from the AMC directly.
Report Receipt – Brokers will receive the appraisal report, invoice and proof of upload to UCDP (SSR’s). The broker is responsible for uploading the appraisal report, invoice and SSR’s to the BRIDGE image center.
Report Corrections – Appraisal corrections if needed will be conditioned for by the Underwriter. The broker is responsible for requesting the corrections of the AMC, obtaining the corrections and uploading the corrections to the BRIDGE image center.
Delivery of Appraisal to Borrower – The AMC will send the MFG Production Assistant a notification when the report is ready. The MFG Production Assistant will pull the report and deliver the report to the borrower(s) along with an acknowledgement of receipt that will be signed by the borrower via DocuSign.
Proof of Delivery – The MFG Production Assistant will retrieve the signed proof of delivery and upload it to the SMART image center.
Compliance With Waiting Period – QC will ensure that MFG will close the loan in compliance of the waiting period chosen by the borrower(s) per ECOA.
* If the broker is paying for the appraisal with their own funds the order can be placed at any time.
** Credit Card Authorizations are no longer needed on Wholesale loans