We revised our appraisal management policy. Our banking department told us it should include both required and Best Practices. We do not know much about the Best Practices involved in appraisal management.
Last year we got approved by Fannie Mae, and yesterday we received their MORA letter to come here and do an audit. I think we're unprepared for the appraisal management policies and procedures.
Our main concern involves the required procedures. We appreciate your response. Thank you!
What are some required appraisal management procedures for an appraisal management policy?