At Acra Lending we make the appraisal process easy. We provide many options including using your current appraisal for your Acra Lending loan.
NON-PRIME Appraisal Options:
- You can order your appraisal through one of our preferred Appraisal Management Companies (AMCs) below.
- You can order your appraisal through ANY AMC you prefer
- You can use a previously acquired appraisal that was completed in the last 120 days.
- The appraisal does not have to be in Acra Lending’s name.
- You can use a previously created appraisal not completed by an AMC at an additional cost (ask your Acra Lending AE for details).
TRID — Please ensure you are NOT collecting any fees for an appraisal or BPO until the “Intent to Proceed” has been acknowledged by the Borrower(s) after receipt of the Loan Estimate. If you have an appraisal from a previous Loan Application and Loan Estimate, please contact your Acra Lending AE.
Things to watch out for:
- Appraisals older than 120 days will need a recertification of value (recert of value is not acceptable on Jumbo Prime loans; a new appraisal will be required at no expense to Acra Lending).
- Acra Lending will not accept appraisals older than 180 days from the original completion date.
- Acra Lending adheres to all regulatory appraisal compliance statutes.
- Acra Lending does not consider broker owned or operated AMCs to be independent. (BPO costs may be passed on to the broker/borrower.)
- You are required to obtain Acra Lending’s pre-approval for use of any non-preferred AMC. Failure to obtain Acra Lending’s pre-approval of a non-preferred AMC may result in the rejection of an appraisal. Contact your Acra Lending AE for a list of non-approved AMCs.
Broker Price Opinions (BPOs):
- Acra Lending reserves the right to order BPOs on every loan.
- The BPO can be vital to the valuation process of the loan and give Acra Lending the most up to date picture of the property’s value, hence this is ordered before loan documents.
- Occasionally the BPO requirement is waived if CSC is comfortable with the value.
- Borrowers from Minnesota are not permitted to pay for BPOs even if previously disclosed.
Effective for new originations, Acra Lending has updated its BPO Policy.
Brokers may order the Interior BPO report from one of the following preferred AMCs:
- ProTeck Valuation
- Consolidated Analytics
BPOs cannot be completed by the same AMC that completed the appraisal report.