Appraisal POC Scenarios

 

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.
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