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Appraiser Application
Broker Application
General Broker Approval CriteriaNet Worth $63,000, with $25,000 for each additional branch office Liquid Assets All mortgagees must maintain liquid assets (cash or readily convertible to cash, etc.) of 20% of their net worth - up to a maximum of $100,000 Staffing The office must staff at least three (3) employees that conduct mortgage activities so that their office will be open to the public during normal business hours. All employees of the mortgagee, except the receptionist, must be employed exclusively and conduct only mortgage business during normal business hours. Quality ControlThe mortgagee must have in writing and maintain an on-going quality control plan. Business Changes All changes to the business operations must be reported within ten (10) days. Corporate changes include, but are not limited to, liquidation, termination, name change, location change or changes to the executives.
General Appraiser Approval CriteriaCredentials Only FHA Certified Residential Appraisers. No appraisers requiring a supervisory signature.Neighborhood Watch compare ratios of 125%; values over 150% will not be considered. E&O Insurance Valid errors and omissions insurance with minimum coverage of $300,000TechnologyAppraisers must be able receive orders by email and have web access to upload appraisals upon completion.Quality ControlSubmit a sample appraisal for initial approval. Subsequent orders will be scored by an automated system. Appraisers are required to maintain a score of 80% to maintain eligibility.Licensing Changes All changes to the appraisers status must be reported immediatly. Changes include, but are not limited to licensing status changes, lapse of E&O insurance.UFF PolicyUFF will maintain no fewer than 3 and no more than 10 appraisers per county which we do business. We look for appraisers with a very high work ethic, high capacity and high integrity. Any appraisers which violate the sanctity of the HVCC guidelines or generally accepted appraisal standards are excluded from future rotation of new appraisal orders.
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