Correspondent ALERT – Updates to Appraisal Valuation Requirements and Access, Edge & Elite Guidelines

Correspondent ALERT – Updates to Appraisal Valuation Requirements and Access, Edge & Elite Guidelines

Access, Edge & Elite – Guideline Updates

The guidelines for Access Non-QM, Edge Non-QM and Elite QM were updated within several topics. The changes are effective immediately for all loans.

Please review the Arc Guideline Update Summary for a side-by-side comparison of the guideline revisions, which is available HERE. As a reminder, this summary document is intended to highlight the guideline updates only; please refer to the Arc Underwriting Guide and product matrices for the complete Access, Edge, and Elite program guidelines.

The updated program matrices will be published on the website soon (HERE). The revised Arc Underwriting Guide is available within the SPARC portal HERE.

Appraisal Valuation Requirements

Effective immediately for all loans, the Arc Home Appraisal Valuation Requirements policy was updated as noted below. The revised Arc Home Appraisal Valuation Requirements policy will be published on the website soon.

Appraisal Valuation Requirements
Appraisal Requirements	· Access NQM · Edge NQM · Elite QM · Foreign National	All appraisals must be submitted to Fannie Mae’s Collateral Underwriter (SSR). For Delegated Correspondents, if an SSR score cannot be obtained, then a CDA from Clear Capital is required. If an SSR is obtained, any warnings from the Collateral Underwriter (CU) must be reconciled on the 1008.	All appraisals must be submitted to Fannie Mae’s Collateral Underwriter (SSR). For Delegated Correspondents, if an SSR score cannot be obtained, then a CDA from Clear Capital or field review is required. If an SSR is obtained, any warnings from the Collateral Underwriter (CU) must be reconciled on the 1008.

Appraisal Valuation Requirements

Topic

Products

Previous Guideline

New Guideline

Appraisal Requirements

· Access NQM

· Edge NQM

· Elite QM

· Foreign National

All appraisals must be submitted to Fannie Mae’s Collateral Underwriter (SSR).

For Delegated Correspondents, if an SSR score cannot be obtained, then a CDA from Clear Capital is required. If an SSR is obtained, any warnings from the Collateral Underwriter (CU) must be reconciled on the 1008.

All appraisals must be submitted to Fannie Mae’s Collateral Underwriter (SSR).

For Delegated Correspondents, if an SSR score cannot be obtained, then a CDA from Clear Capital or field review is required. If an SSR is obtained, any warnings from the Collateral Underwriter (CU) must be reconciled on the 1008.