Hello,
I am curious how different mortgage lending areas separate the review of an appraisal and the approval of a loan in their underwriting. My understanding is the same person can not review the appraisal and approve the loan.
Do you have a dedicated department outside of your underwriters approving loans that review the appraisals?
Do your underwriters review appraisals and approve the loan? If so have you had any issues with examiners for this practice?
Am i just misinterpreting the NCUA guidance on this specific item? We have independence over the order of an appraisal that's all done through a 3rd party, but I am curious as to if other financials are having the same person approving the loan reviewing the appraisal. If not what is your process for review of appraisal and approval of loan?
guidance used: Interagency Appraisal and Evaluation Guidelines attached to NCUA letter 10CU23 Best Practices in Real Estate Appraisals
