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Appraisal Ordering Policy Update

Knowing when you're able to order an appraisal can be tricky. To ensure our brokers remain compliant with TRID rules, we have updated our appraisal ordering policy. Read the following to find out more about this update, or view the pdf version HERE:


"This mortgage compliance update is part of an ongoing effort by JMAC to provide periodic reminders of mortgage compliance rules and JMAC policies to our Broker Partners. This is not a new policy or rule, but simply a reminder of our collective compliance obligations and the JMAC policy regarding ordering appraisals. Under TRID, a broker or lender cannot impose a fee, except a bona fide credit report fee, on a borrower until the borrower has received a Loan Estimate and provide an intent to proceed.  In order to use an appraisal with a JMAC funded loan, the broker must either:

1)    Order and pay for an appraisal with the broker’s own funds, and if the loan closes, the broker can be reimbursed for the appraisal fee at funding; or
2)    Order the appraisal at the borrower’s expense, only after the file has been submitted to JMAC via the JMAC broker portal and has provided the initial submission package including, at minimum, the initial URLA (Form 1003), the Loan Estimate, and the Intent to Proceed.

The forgoing does not apply to VA loans as VA appraisals must be ordered through the VA portal and are subject to the control and oversight of the Veterans Administration.  

Any loans failing to follow this policy will be rejected at submission."