Appraisal POC Scenarios
Scenario #1: Appraisal is paid by borrower (and paid through the ASI website)
- The Appraisal Fee should be placed in the Borrower column. [Note: In the Paid By dropdown B=Broker; L=Lender; O=Other]
- To mark the payment as POC, type the payment amount in to the POC box on the Fee Details window.
- The closing docs will show the fees as POC at funding. The fee will not be collected from the borrower.
Scenario #2: Appraisal is POC by borrower (and paid through the ASI website) and Branch is reimbursing the borrower for the cost.
- Show appraisal fee POC as in scenario #1 above.
- Apply the credit toward the fee via Non-Specific Lender Credits in Section L of the 1003 page 3 - Details of Transaction.
- The closing docs will show the fee as POC by borrower on page 2 of the CD to match the invoice.
- The Lender Credit will show on the CD at the bottom of page 2 Section J.
- For the Funders: The lender credit will automatically populate in the Lender Credits field on the Funding Worksheet under the Tools tab.
Scenario #3: Appraisal is paid by the lender (or by the branch.) The borrower has never paid for the appraisal. This is not considered a NRCC credit. Typically this is a situation where the branch has ordered the appraisal in advance of the disclosures being sent.
- The appraisal should be marked as paid by Lender.
- The appraisal should NOT be marked as POC. Mark the appraisal as PAC by the Lender.
- The closing docs will show the appraisal fee as paid by the lender.
- At funding the fee will not be collected from the borrower.