The Appraiser Independence Requirements (AIR) were developed by Fannie Mae, the Federal Housing Finance Agency (FHFA), Freddie Mac, and other key industry participants. This requires absolute independence within a lender’s organization between the appraisal function and loan production department, limiting communication with the appraiser.
A lender’s loan production staff is prohibited from being involved in the selection of the appraiser, or having any substantive communications with an appraiser or appraisal management company about a valuation.
The loan production staff consists of those responsible for generating loan volume or approving loans, as well as their subordinates. This includes an employee whose compensation is based on loan volume or the closing of a loan transaction. Employees responsible for the credit administration function or credit risk management are not considered loan production staff.
Northeast Valuations has a secure technology system that provides privacy and confidentiality for all appraisals. We work with our team members to establish and maintain quality control procedures. A Northeast Valuations Quality Assurance Reviewer processes every report.