2. Appraisal2 nd appraisalDesk reviewField review Any review of an appraisal Compliance inspection AU findings if a value is given (LP Open Access loans will still have the valuation, DU findings will not) AVM (Automated Valuation Model)

3. The top box only is checked on your cert The borrower WAIVED appraisal The bottom box only is checked on your cert We consider that as NOT WAIVED Both boxes are checked on your cert Borrower WAIVED appraisal If NO boxes are checked The borrower did NOT waive appraisal. Basically they would have to check the top box at minimum to waive. Please NOTE: If the loan is a Rebuttable Presumption loan, the borrower CANNOT exercise the waiver and we must send the appraisal 3 days prior to closing.

4. Loan is a RP loan – make sure appraisal has interior inspection, flipping rule is reviewed, escrow is required, income and assets are verified as submitted “U” condition Loan is a RP loan and the flipping rule applies. Please provide a 2nd appraisal supporting the market value or re-price the loan to avoid being a higher priced mortgage loan (RP). This appraisal fee cannot be charged to the borrower. “U” condition Electronic Certification that borrower received a copy of the Valuation Report a minimum of 3 days prior to closing date because loan is RP loan (rebuttable presumption), waiver is NOT allowed “U” condition Electronic Certification that borrower received a copy of the Valuation Report a minimum of 3 days prior to closing date since borrower didn’t waive their right “U” condition Must close on or after _________ due to date that the Valuation Report was received by the borrower “C” condition

5. Valuation Reports need to be sent out no less than 3 days prior to closing We need confirmation in our file that the valuation was sent and then received by the borrower. The Valuation will be sent through DocuSign so that we have an electronic certification that the valuation was sent and received. A Compliance Specialist will send all valuations. Once the Underwriter enters a valuation “Accepted Date” on the Appraisals & Valuations screen, the valuation type and date will fall onto a report. The Compliance Specialist will pull this report twice daily and send out any valuations that were accepted the prior business day and same day.

6. Underwriting will accept the appraisal or valuation if there are no appraisal conditions. If there are appraisal conditions the underwriter will need to clear those prior to accepting the appraisal. Please note: A report is being worked on that will exclude the multiple appraisal submissions to underwriting from the total submissions on files.

7. If the appraisal was delivered via DocuSign, we will upload the borrower’s acknowledgement to BP once it is received. The borrower’s acknowledgement is done when the customer opens the email from DocuSign. It will be labeled as “Electronic Signature Cert – VALUATION”. If the loan is a RP loan or waiver is not in file, we must have the proof of the actual receipt of the valuation – the borrower’s full DocuSign acknowledgement. (Acknowledgement always required on RP loans) Once the DocuSign certification has been received, Katie will upload to Blueprint and forward the email to the processor. Processing, this is your FYI that the appraisal certification is now in BluePrint. This will help you to not have to keep looking for it and wasting time. If all other conditions have been cleared you still have to submit to underwriting to have the cert cleared Lastly, if you are wondering whether or not the appraisal has been sent to the borrower you can check the notepad in Mortgage Builder:

8. Appraisal being delivered via DocuSign Appraisal accepted on Monday, Feb 3 rd. Sent to borrower Tuesday, Feb 4 th. Can close on Friday, Feb 7 th. Appraisal accepted on Thursday, Feb 6 th. Sent to borrower on Friday, Feb 7 th. Can close on Tuesday, Feb 11 th. Appraisal being delivered via mail (this hardly ever happens!) Appraisal accepted on Monday, Feb 3 rd. Mailed on Tuesday, Feb 4 th. Borrower considered to have received on Friday, Feb 7 th. Can close on Tuesday, Feb 11 th. Appraisal accepted on Thursday, Feb 6 th. Mailed on Friday, Feb 7 th. Borrower considered to have received on Tuesday, Feb 11 th. Can close on Friday, Feb 14 th. **Please keep in mind that you can request that Compliance sends the accepted appraisal right after the file comes out of UW. You don’t have to wait until it falls onto our report.

9. Questions? ? ? ? ? ?