From: The PRMG Team <email@example.com>
Sent: Friday, July 17, 2020 7:35 AM
Subject: Important Announcement - Appraisal Desk Review Fees
Appraisal Desk Review Fees
Effective Monday, July 20, 2020, PRMG will be implementing a new process in regard to Desk Review fees.
When the appraisal SSRs are returned and the results reflect a 4 or higher, starting today, the Redisclosure team will be sending out a revised Loan Estimate reflecting a Desk Review fee of $100. If it is determined by the underwriter that a desk review is required after review of the appraisal, it will be ordered and the cost will be charged to the borrower at closing. If the underwriter determines a desk review is not needed, the fee will not be charged to the borrower at closing.
If the desk review does not support the value, it will result in an another Change of Circumstance triggering an additional revised Loan Estimate that will be sent by the Redisclosure team and will reflect the standard $200 cost of the Enhanced Desk Review that will be ordered. This Enhanced Desk Review fee will be collected at closing. However, we do also want to advise that due to current market conditions, enhanced desk reviews and field review quotes are being returned from the AMCs at higher amounts, and as such, may result in a charge higher than $200.
If you have any questions regarding this new process, please reach out to Redisclosures@prmg.net.
***Subject to change. Always refer to current policy announcements on the PRMG Resource Center***