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Will Arch require Form 1004MC now that Fannie Mae is no longer requiring it?
-Will Arch require Form 1004MC now that Fannie Mae is no longer requiring it?
Arch does not require Form 1004MC. The appraiser is still responsible for analyzing market conditions and accurately reporting this information in the Neighborhood section on the appraisal.
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Will Arch accept an appraisal originally prepared for FHA financing?
-Will Arch accept an appraisal originally prepared for FHA financing?
Arch will accept an appraisal originally prepared for FHA financing, as long as it is on a standard Fannie Mae or Freddie Mac appraisal form. When the appraisal is “subject to” repairs and/or alterations, Arch will require the repairs/alterations to be completed.
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Can I request MI with an appraisal in another lender’s name?
-Can I request MI with an appraisal in another lender’s name?
Appraisals may be assigned from one lender to another and it is the lender’s responsibility to document the transfer in accordance with Agency requirements prior to closing. Arch MI will assume the lender accepts the appraisal and warrants it meets Appraiser Independence Requirements. No further documentation is required by Arch MI.
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Can I submit credit documents for review before the appraisal is available?
-Can I submit credit documents for review before the appraisal is available?
Yes, we are happy to review a file submitted before the appraisal is obtained. Our underwriters will review the credit package. If approved, we will condition for satisfactory appraisal.
