Conventional Appraisal Report Transfer Policy

American Financial Resources, Inc. will accept appraisal transfer/assignments provided the AFR underwriter completes the appropriate due diligence.

The Broker must obtain a completed Transfer of Appraisal Report form signed by an officer of the transferring lender (i.e., Vice President, Assistant Vice President, Secretary, etc.).

Loan Originators/Loan Officers are not eligible to sign the transfer letter.

The Transfer of Appraisal Report form must be on the transferring lender’s letterhead.

Transferred/Re-assigned appraisals must be completed by an appraiser that is not on AFR’s Appraiser/Appraisal Company Exclusionary List, FLMC Exclusionary List, HUD & LDP /GSA Lists.

The original lender must provide AFR a certification that states that the appraisal was obtained in a manner with Appraiser Independence Requirements.

All transferred appraisals must include FNMA and FHLMC Submission Summary Report (SSR).

Appraisal transfers must be received in a suitable electronic formation (first generation PDF) directly from the original lender to AFR. (No Exceptions)

Appraisals either received by or ordered by a Mortgage Broker or any other interested party is not acceptable.

All transferred appraisals must comply with the Uniform Appraisal Dataset (UAD) requirements.

Ownership of the appraisal must be assigned to American Financial Resources, Inc. without recourse.

The AFR underwriter will determine the appraisal’s validity and whether the appraisal conforms to AFR’s guidelines, including, but not limited to:

• The appraiser was engaged directly by the transferring institution
• The appraiser has never had any interest in the property or transaction
• The appraisal conforms to Appraiser Independence Requirements, and neither the appraiser, nor appraisal company is identified on the most recent AFR Appraiser/Appraisal Company Exclusionary List
• An appraiser cannot “re-address” or transfer an appraisal report to another party once the report has been prepared and delivered for a named client
• The title page, transmittal letter, client name or the identity of the intended user of the appraisal report cannot have been altered.