FAQ: Correspondent Appraisal Center
How long are appraisals valid for?
Appraisals are valid for 120 days from the note date, we will accept a 1004D verifying the value has not changed prior to the end of 120 days to extend the appraisal for a total of 12 months.
What are the appraisal requirements?
All loans require 1 full 1004 appraisal with interior and exterior inspection.
All transactions require an appraisal review to support the value within 10% tolerance. It may be a Clear Capital CDA, desk review or field review.
A second appraisal (can be from the same AMC but must be a different appraiser) is required when one or more of the following are present on the loan:
- Loan amounts > $1,500,000
- Flip transactions that fall into these categories:
- Greater than 10% increase in sales price if seller acquired the property in the past 90 days
- Greater than 20% increase in sales price if seller acquired the property in the past 91‐180 days