Code of Massachusetts Regulations
761 CMR - MASSACHUSETTS HOME MORTGAGE FINANCE AGENCY
Title 761 CMR 21.00 - Seller's Guide
APPRAISAL GUIDELINES
Section 21.52 - Appraisers

Universal Citation: 761 CMR 21.00 MA Code of Regs 21.52

Current through Register 1531, September 27, 2024

MHMFA does not approve specific appraisers; however, an appraiser must be experienced in the appraisal of 1-4 family properties in urban neighborhoods and must be actively engaged in such appraisal work. The appraiser must be approved by the Seller and normally must be a member of one of the professional appraisal organizations.

(1) Discontinuance of Appraiser by Seller. Seller shall inform MHMFA immediately in the event Seller discontinues using the services of any appraiser who has made appraisals with respect to Mortgage Loans in which Loan Participations are purchased by MHMFA from the Seller.

(2) Discontinuance of Appraiser by MHMFA. MHMFA may, at any time, notify Seller that MHMFA will no longer accept appraisals made by a given appraiser, and Seller shall not thereafter use such appraiser with respect to Mortgage Loans in which Loan Participations are purchased by MHMFA.

(3) Representation to Third Parties by Appraiser. An appraiser must not make any representations to third parties that he or she has been, in any way, approved or qualified by MHMFA, but may represent (where it is the case) that he or she has made appraisals for the Seller on Mortgage Loans in which MHMFA has purchased Loan Participations.

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