Correspondent ALERT – Requirement for Appraisal Disclosure
The Arc Home Correspondent Seller’s Guide was updated to clarify the appraisal disclosure requirements. In addition to the appraisal, if an Automated Valuation Model (AVM) and/or Collateral Desktop Analysis (CDA) was obtained prior to closing to support the subject property value, the mortgage loan file must include evidence that a copy of the AVM and/or CDA was sent to the borrower at least three (3) business days prior to the Note Date.
The revised Arc Home Correspondent Seller’s Guide will be available on our website soon.