First Choice Appraisal Management would like to congratulate you for being one step closer to purchasing or refinancing your home! Your lender has carefully selected First Choice to manage the valuation process and deliver the appraisal needed to make their mortgage lending decision. We understand that some aspects of the appraisal process may be unfamiliar and so, to better serve you, we would like to fully explain our Cancellation Policy.
Your lender requested the appraisal to determine whether the home will be suitable collateral for the loan program you have chosen. By providing your payment information to your loan officer, you are authorizing our company to charge your card for the appraisal fee. Please be assured that our company never sees your credit card information, which is encrypted and processed securely.
*** If the appraisal request for your loan needs to be Cancelled, please call your loan officer, processor, or lender IMMEDIATELY! ***
*** A minimum Cancellation Fee of $15.00 applies to appraisal orders that are Cancelled after the first 24 hours ***
Typically, the sooner your lender notifies us of the cancellation request, the less out‐of‐pocket cost will be charged to you.
Appraisal Orders cancelled after the appraisal inspection has been completed will result in a prorated refund. Orders cancelled after the appraisal report is written will result in limited, or no, refund since regulations require that appraisers must be paid for their professional services. A few other items to note:
- Your cardholder agreement determines the amount of time it will take to post a refund to your account.
- We cannot issue refunds once an appraisal report is complete and delivered to your lender.
- We cannot issue refunds based on final opinion of value or loan approval status after an appraisal report is complete.
- Under the reconciliation section of the appraisal, where the final determination of value is found, the report will be marked “AS IS” or “SUBJECT TO.”
- If the report is made “SUBJECT TO,” a Final Inspection may be required by your lender.
- Please consult with your loan officer to determine if any additional appraisal fees will apply due to a Final Inspection.
Thank you for reading our Cancellation Policy,
First Choice Appraisal Management