Lender engagement rules matter
For many mortgage transactions, the lender or its appraisal-management process controls appraiser engagement. A borrower usually cannot independently hire an appraiser and then require the lender to use that report.
Common lending-related assignments
- purchase transactions
- rate-and-term or cash-out refinance
- home-equity and second-mortgage lending
- PMI-related valuation when permitted by the servicer’s process
- FHA-related residential assignments when appropriately engaged
Before ordering privately
If you are a homeowner seeking a PMI or mortgage-related valuation, ask your lender or servicer what process it requires first. When a lender or AMC is the client, the appraisal is completed under that engagement’s requirements and applicable professional standards.
Who orders the appraisal matters
For most mortgage, refinance, home-equity and PMI decisions, the lender or servicer controls the appraisal process and selects the appraiser through its approved channel. A homeowner-ordered private appraisal usually cannot be substituted for a lender-ordered report. Contact the institution first and ask what evidence or process it accepts.
When Accurate Real Estate Appraisals is engaged through the appropriate channel, the assignment follows the lender's scope and appraisal-independence requirements. Property access, safety, completed improvements and requested documentation can affect scheduling, but neither the borrower nor another interested party can direct the value conclusion.
Useful preparation
Provide safe access to all areas, a concise list of significant improvements and any reliable plans or surveys for additions, acreage or unusual features. Do not rely on a renovation's cost as proof of market value. The home-equity and refinance guide and preparation guide explain what to expect.