SACU and the HVCC code Important information and instructions for Mortgage Brokers on how will SACU be handling Appraisal Reports Can a Mortgage Broker facilitate the Appraisal Report process with SACU? Yes, Appraisal Reports will be accepted by SACU via 2 methods (defined below): 1) Appraisal Report orders facilitated by the Mortgage Broker thru SACU / New Vista solutions appraisal management website. (Mortgage Brokers will need to sign up and be assigned a username and password to use site- see below) 2) Appraisal Reports facilitated by the Mortgage Broker but provided from other lenders given “written assurance” the appraisal report was ordered in compliance with the HVCC code. How and who is responsible for payment of Appraisal Reports facilitated with the SACU/New Vista appraisal website? The broker application requires valid credit card information which will be used for payment. Each order will be charged to the credit card on record. Pricing: Provider State Product Price MDA Texas – all counties 1004 – URAR $370 MDA Texas – all counties 2055 – Exterior $295 MDA Texas – all counties 1004 – Land Only $264 MDA Texas – all Counties Condo - Interior $421 1004-URAR Turn times: URAR completed within 5 business days 75% of the time URAR completed within 7 business days 85% of the time URAR completed within 10 business days 95% of the time How can a Mortgage Broker sign up to facilitate Appraisal Report orders with SACU & New Vista Solutions? Brokers can complete the following Broker Application and forward by email or fax to: Tanya Kasper Email: email@example.com Fax: 407.210.8073 APPLICATION TO SIGN UP Broker Application Once the application is complete, the mortgage broker will be assigned a username and password to be used in conjunction with the SACU/ New Vista website. How can a Mortgage Broker facilitate an order of an Appraisal Report thru SACU & New Vista Solutions? The following user’s guide provides detailed instructions as to how a Mortgage Broker can facilitate an order of an Appraisal Report thru New Vista: All support questions can be sent to firstname.lastname@example.org. USER INSTRUCTIONS New Vista Users Guide Here is the breakdown of how the URAR appraisal process timeline should happen: Appraisal turn around time: TAT starts day order is placed. At 24 hour mark after order was placed – Appraisal assigned and accepted with appraiser. At 48 hour mark – Borrower should be contacted & inspection appt set. th On 5 day – Inspection should take place but can be delayed based on borrower’s availability. On 7th day – Appraisal should be returned to MDA, reviewed by the QC department and posted to website (with e-mail triggered that contains the completed product). SACU Wholesale will accept Appraisal Reports ordered for/with other lenders - The HVCC code allows for lenders to accept appraisal reports ordered for other lenders given that the original lender provide “written assurance” that appraisal report was ordered in compliance with the HVCC code. “Written Assurance” would be defined as the following: Lender to type on company letterhead the following statement: I hereby represent and warrant the appraisal contained herein (property address) was conducted in accordance with HVCC guidelines. Sincerely, Lender Representative – Title Will SACU accept “written assurance” from the Mortgage Broker or other AMC? No, the code specifically states the written assurance must come from the lender. Are there any program types that are exempt from these procedures ? Yes, 2nd Lien, Home Equity /Improvement, Lot / Land and New Construction (OTC) loans are currently exempt from these procedures. All other First Lien transactions must comply with these procedures.