Appraisal Policy

The Uniform Standards of Professional Appraisal Practice (USPAP) codifies the quality control standards applicable for real property, personal property, intangible assets, and business valuation appraisal analysis and reports in the United States and its territories. OptionWide Financial Corporation d/b/a LoanWyse adheres to and follows all USPAP regulatory guidance as it pertains to the quality control of appraisals. Some of the guidance is expressed here for your convenience. This includes, but is not limited to, the following:

1. No broker owned or operated Appraisal Management Company (AMC) is allowed
2. Appraisals are valid up to 120 days from the date of appraisal and the promissory note date cannot be more than 120 days from the appraisal issuance date.
3. Appraisals older than 120 days will require a re-certification of value.
4. Appraisals older than 180 days are not valid and will not be accepted.
5. Appraisal transfers are permitted but will require an Appraisal Transfer Letter and must meet the Home Valuation Code of Conduct (HVCC) and the Appraiser Independence Requirements (AIR).
6. Appraisals must be in the name of OptionWide Financial Corporation.
7. All Appraisals can be ordered directly through Mercury Network either by clicking on the Order Appraisal Button inside of Custom Home Loan Origination Engine (CHLOE) or by clicking the link provided to the right. Please select the AMC that you would like to use from our approved list. Please note that you may not go to any of our approved AMC websites directly. All orders must go through the Mercury Network.
8. LoanWyse orders an appraisal review on each appraisal submitted. This review will consist of a standard appraisal review or an interior or exterior BPO.
9. Loan amounts over $2mm will require 2 appraisals from two different AMCs for all non-GSE loans.
10. Appraisal reviews must be cleared prior to ordering loan documents.