Amres Transitional Lending Guidelines
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Amres Transitional Lending Guidelines

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Bridge Loan Guidelines

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1. General Standards

Amres Bridge Lending and its various affiliates/subsidiaries (commonly referred to as "Amres" throughout this UPG) acquires business purpose loans to credit worthy investors that acquire, rehabilitate or newly construct residential and residential like properties. Without compensating factors such as low LTV and high FICO, Amres borrowers should have a verifiable track record and liquidity. Loans are secured by first mortgage liens and, in most cases, personal guarantees. Amres maintains the highest ethical and professional standards. All underwriting standards not specifically addressed in these guidelines are structured through "common sense" underwriting.
This manual is designed to promote credit underwriting guidance to achieve Amres’s overall financial and risk management objectives. On occasion Amres may move forward with a loan that does not meet all applicable guidelines. Amres retains the authority to review exceptions to these guidelines on a case-by-case basis. If a topic is not addressed within these guidelines, Amres will align with FNMA or FHLMC. Amres encourages a balanced underwriting approach with the expectation that the following characteristics are appropriately and proportionately considered:

1.A. Borrower

The Borrower should have overall financial strength, a reserved tolerance for risk, be of high integrity and have a proven track record of completing projects on time and on budget and repaying debt obligations.

1.B. Collateral

The property should be located in a stable or improving market. The project to be repaired and improved should be well conceived with realistic profitability opportunity. The costs spent to repair the property should create incremental value greater than such costs.

1.C. Structure

The transaction should be priced to reflect the level of inherent risk, and the term of the loan should be appropriate to accommodate adequate improvement and a realistic marketing period. Amres receives a first lien mortgage on each property and all loan approval decisions will consider the elements described above. The ultimate transaction pricing, structure and terms will be determined based on the characteristics of each transaction and a measurement of the transaction’s inherent risks.

2. Defined Terms and Calculations

As-Is Value

For purchase transactions, the As-Is Value is the lesser of (i) the purchase price of the subject property value and (ii) the minimum As-Is value provided on appraisals received. For rate/term and cash-out transactions the As-Is value is the least As-Is value provided on all appraisals received. The As-Is Value must not consider any proposed improvements or market-timing price appreciation.

After-Repair Value (ARV)

The After-Repair Value (ARV) of the subject property is the estimated sale value after renovations and improvements have been completed. When more than one appraisal is received, the minimum ARV should be used in underwriting.

Direct Construction Costs

Direct Construction Costs include third-party costs for labor, general contractor fees, and materials used for construction.

Hard Costs

Hard Costs are defined as the sum of the As-Is Value of the subject property and any Direct Construction Costs associated with the renovation.
𝐻𝑎𝑟𝑑 𝐶𝑜𝑠𝑡𝑠 = 𝐴𝑠 𝐼𝑠 𝑉𝑎𝑙𝑢𝑒 + 𝐷𝑖𝑟𝑒𝑐𝑡 𝐶𝑜𝑛𝑠𝑡𝑟𝑢𝑐𝑡𝑖𝑜𝑛 𝐶𝑜𝑠𝑡𝑠

Value-Add Soft Costs

Value-Add Soft Costs may include indirect construction and transactional costs such as architectural, engineering, environmental, and legal fees. Permits, entitlements, and legal documentation associated with change of property use (e.g. condo conversion) may also be considered Value-Add Soft Costs.

Total Project Costs

Total Project Cost is defined as the sum of Hard Costs and Value-Add Soft Costs.
𝑇𝑜𝑡𝑎𝑙 𝑃𝑟𝑜𝑗𝑒𝑐𝑡 𝐶𝑜𝑠𝑡 = 𝐻𝑎𝑟𝑑 𝐶𝑜𝑠𝑡𝑠 + 𝑉𝑎𝑙𝑢𝑒 𝐴𝑑𝑑 𝑆𝑜𝑓𝑡 𝐶𝑜𝑠𝑡𝑠

Loan to Cost (LTC)

Total Loan to Cost (LTC) is defined as to the Total Loan Amount divided by Total Project Cost.
LTC = (Total Loan Amount / Total Project Cost)
Day 1 LTC is defined as Origination Date Disbursed Loan Amount divided by Project Costs Spent to Date
Day 1 LTC = (Origination Date Disbursement / Project Costs Spent as of Origination Date)

Loan to As-Is Value (LTAIV)

Loan to As-Is Value (LTAIV) is defined as the Origination Date Disbursement divided by the As-Is Value
LTAIV = (Origination Date Disbursement / As Is Value)

Loan to As-Renovated Value (LTARV)

Loan to As-Renovated Value (LT ARV) is defined as the following:
LTARV = (Total Loan Amount / After Repair Value)

Purchase Price

The Purchase Price of the subject property is the Contract Sales Price less any other contributions (as determined by Amres underwriting).

Gross Profit Estimate

Gross Profit Estimate is defined by the difference After-Repair Value and Total Project Cost of the subject property
Gross Profit Estimate = ARV − Total Project Costs

Net Profit Estimate

Net Profit Estimate is defined as Gross Profit Estimate minus 6% of ARV minus the estimated debt service for the estimated loan duration.
Gross Profit Estimate - (ARV * 6%) - (Annualized Interest Payments * (Hold Time / 12))

Cash-on-Cash Gross Profit Return

Cash-on-Cash Gross Profit Return is defined as Gross Profit Estimate minus 6% of ARV divided by Total Project Costs
(Gross Profit Estimate - (ARV * 6%))/Total Project Costs

Cash-on-Cash Net Profit Return

Cash-on-Cash Net Profit Return is defined as Net Profit Estimate divided by the difference of Total Project Costs minus Total
Loan Amount Requested
Net Project Estimate / (Total Projects Costs - Total Loan Amount)

3. General Lending Criteria and Terms

Amres offers business purpose loans to credit worthy investors that acquire, rehabilitate or newly construct residential properties.

3.A. Origination

Loans will be approved by Amres’s Investment Committee. If a loan is referred to Amres by an approved Referral Partner (broker), Amres may pay a “finder’s fee” as determined at the time of submission and agreed upon fee agreement. Amres may also pay an “administration fee” as defined in an executed MLPA where Amres purchased already funded loans. In all cases, loans will be subject to Amres guidelines, policies, procedures, and quality control.

3.B. Priority of Mortgages

All Amres loans will be secured by a valid first mortgage or deed of trust lien.

3.C. Property Types

The primary property held as collateral will be non‐owner occupied. The properties may be currently uninhabitable. Specific property types are as follows:

3.C.1. Single Family Residential

This includes properties with 1‐4 units that are attached and/or detached. Single family properties with rental purpose should follow the debt yield requirements in 3.C.2 below.

3.C.2. Multi‐family Residential/Mixed Use

Properties that include five or more units or properties with residential space of more than 50% of the total property sq. ft. space that meet minimum Debt Yield requirements as shown below.

3.C.3.a Gross Potential Rent (GPR)

Lessor of annualized in place rent as verified with lease agreement and proof of most recent month rent received or annualized market rent as identified in a market rent addendum on applicable valuation report completed through an approved vendor listed in Appendix A.

3.C.3.b. Underwritten Net Cash Flow (NCF)

= GPR - (Operating Expense % x GPR)
ARV Per Unit (Rehab Loans) or “As Is” Value Per Unit (Stabilized Bridge Loans)
Operating Expense %
Minimum Debt Yield (NCF / Total Loan Amount) *
1
< $150K
45%
7.00%
2
$151K - $500K
40%
6.00%
3
$501K +
35%
5.00%
There are no rows in this table
*Exceptions considered on a case by case basis with compensating factors

3.C.3. Low-Rise/High-Rise Condominium

Loans on condominium properties will be considered, however in many cases Amres may require a higher down payment on condominium loans.

3.C.4. Modular Homes

Home must be completely manufactured and properly secured on the property. The home must be high quality and comply with the Federal Manufactured Home Construction and safety standards as well as local ordinances.

3.C.5. Mobile Homes and Cooperatives

will not be considered for financing.
3.D. Product Categories
All transaction types contemplated within this UPG fall under the following 3 product categories:

3.D.1. Fix/Flip

Six (6) to Twenty Four (24) months in duration.

3.D.2. Ground Up Construction (GUC)

Six (6) to Twenty Four (24) months in duration.

3.D.3. Bridge

Six (6) to Twelve (12) months in duration.

3.E. Term Extensions

Loan term extensions will be considered upon the request of the Borrower or as contractually required under the relevant loan documents. If discretionary extensions, such extensions will be approved by Amres and will be considered in one to three month increments, not to exceed a total extension period of twelve months.

3.F. Loan to Cost / Loan to Value Ratios

Maximum loan amount per asset will generally be equal to: A. the lower of 85% of the As Is Value, plus 85% of Total Project Costs, or B. 75% ARV. In some cases, Amres will use the As‐Is value as the After‐Repair value (e.g. a cash out refinance on a completed property or a loan without construction draws).

3.G. Borrower Equity

Amres generally requires that Borrowers contribute at least 15% of the total costs toward every individual loan (refinance exceptions apply). Additionally, Amres’s preferred policy on every loan will be to collect the Borrower equity requirement for the Total Loan Amount at closing for Fix/Flip and GUC. This allows Amres to fund 100% of Refurbishment Loan Disbursement requests made during life of loan and not worry about Borrower liquidity situations to complete the subject property. Exceptions are made on a case-by-case basis as approved by the Investment Committee.

3.H. Product Base Coupons and Origination Points

Amres will determine the appropriate coupon and points based on the credit profile, market, and collateral characteristics of every loan. The specific coupon and points for all loans will be derived from the Amres Bridge Loan Matrix but may also differ if proposed by the Business Development Team as disclosed on updated Product Rate Sheets, subject to Investment Committee Approval for loans with higher risk.

3.I. Amortization

Loans will be made on an interest only basis.

3.J. Payment Terms

Interest is generally payable on the first day of each month, with interest calculated and payable in arrears. Principal is payable on the earlier of the maturity date of the note or the date on which the indebtedness thereunder becomes immediately due and payable. The due date of the first payment under the loan will be no more than 60 days from the date of the note. The note will not permit negative amortization. In some cases, a portion of the interest may be prepaid or held in escrow or paid upon maturity

3.K. Maximum Loan Amount

The maximum loan amount for any property types will be $3,500,000. However, Amres investment committee may consider loans on a case by case basis up to $40,000,000. Amres will also limit total loans to one Borrower as defined in section 5.

3.L. Minimum Loan Amount

The minimum amount for any 1-4 unit property loan is $100,000 (less than $100K approved on a case-by-case basis) for Fix/Flip and Bridge. A minimum of $250,000 for any single loan applies to GUC and 5+ multifamily.

3.M. Minimum Interest

Loans can be repaid in part or in full at any time. A minimum of three (3) Months interest is required. Anything less would require exception approval. If a property is multi‐family, a minimum of four (4) months interest will be required.

3.N. Licensing

Amres’s origination partner will be appropriately licensed, if required, in any state where a loan is being made. Confirmation will be part of the origination partner onboarding process.

4. Underwriting Process

Amres loans will be fully underwritten in house prior to any clear to close being issued and table funded loans will be reviewed in parallel between Amres and their origination partner.

4.A. Borrower Interview - Know Your Counterparty ("KYC")

Amres’s origination partner will conduct an interview (typically over the phone) with the prospective Borrower to obtain detailed information on the background, skill set, experience, and business plan of the Borrower.

4.B. Required Borrower Information

4.B.1

Driver's license or acceptable government issued identification (if natural person)

4.B.2

Background Check report(s) (Criminal/AML/OFAC/Patriot Act/Etc.)

4.B.3

Credit reports, from a nationally recognized credit reporting agency, on all Principals in accordance with section 5.A. (No older than 90 days at time of Borrower approval)

4.B.4

Track record report covering properties purchased, repaired, sold, or rented with supporting HUD’s or other verification

4.B.5

Complete Bank/Asset Statements. At the time of the Borrower approval, Amres will require the most recent 2 months statements

4.B.6

Entity Formation Docs (if applicable)
Operating Agreement/Bylaws
Certificate of Formation/Articles of Organization/Incorporation
IRS Form W-9
Company EIN
Certificate of Good Standing
Signing Authority Docs (as requested)

4.C. Age of Documents

Amres will require updated documents set forth in sections 4.B as appropriate, no later than 90 days of Borrower approval date. For repeat borrowers, such information will be updated annually at a minimum.

4.D. Required Property Information

Amres requires the following documentation for each property to be financed:

4.D.1

If purchase transaction, purchase agreement or Trustee Receipt (if applicable)

4.D.2

Copy of Title Commitment/Policy ((Lenders (including assigns) and owners))

4.D.3

Proof of hazard and/or flood, if in a FEMA declared flood hazard area, insurance in an amount equal to the lesser of 100% replacement cost or the note amount. – See Section 6 of this UPG for mortgagee clause info

4.D.4

Appraisal (from approved third party), showing As‐Is and After‐Repair value to include interior/exterior photographs.

4.D.5

Construction/Refurbishment Budget (if applicable)

4.D.6

Warranty Deed showing transfer of property to Borrower (if applicable)

4.D.7

Leased Property Documents (if applicable)

4.D.8

Condo questionnaire and master insurance policy if condo

4.D.9

For non-purchase transactions, HUD-1/Closing Statement if purchased within 12 months of application

4.D.10

If GUC, heavy fix/flip rehab and/or structural modifications occurring:
Plat Map/Survey
Plans/Specifications for home
Builder's Risk Insurance
Permit/Entitlement Documentation

5. Underwriting Guidelines

5.A Borrower Underwriting

Amres will review the background of (i) all parties which control the borrower and (ii) any party which owns 20% or more of the borrower directly or indirectly (collectively the “Key Principals and Entities”). Amres requires background checks on all Key Principals and Entities described below including criminal history, OFAC, litigation, bankruptcy, judgments and lien searches.

5.A.1 Borrower Types

Ownership must be fee simple only except in geographic regions where ground leases are the standard for that region and must be in the name of the individual Borrower, Trust or Business Entity. Title may be in the name of the Borrower(s) or an affiliated borrowing entity provided the proper documentation is verified. Revocable and Irrevocable trusts may only be considered on an exception basis and provided the Note and Mortgage are executed by the trustee. Most Amres loans including, but not limited to loans to corporations, limited partnerships or other entities generally require recourse to the Guarantor. Non-recourse loans will be considered on a case-by-case basis and exceptions are rarely granted.

5.A.2 Borrower Residency

Borrowers can be U.S. Citizens, Permanent Residents, Non‐Permanent Resident Aliens or a Foreign National that is a resident of the United States. Non‐Resident Foreign Nationals will be considered on a case‐by‐cases basis.

5.A.3 Borrower Equity Contribution

Amres underwriters will validate that the Borrower has contributed the minimum equity contribution. As part of evaluating the Borrower equity contribution, the Amres underwriter will review the source of recent large unusual and/or undocumented deposits (if applicable). The general policy states that Amres will collect the Borrower Equity at closing for Fix/Flip and GUC which mitigates Borrower liquidity risk as it relates to project refurbishment and completion.

5.A.4 Maximum Loan Exposure to One Borrower

Amres will closely monitor total Borrower loan exposure. At no point shall total principal balance exposure to any one Borrower exceed $20,000,000 (exceptions approved on a case-by-case basis for Tier 1 borrowers).

5.A.5 Borrower Credit Guidelines

Amres will consider the general creditworthiness of a Borrower, and any Guarantor, to determine a Borrower’s ability to repay the loan according to its terms. Such considerations are viewed as part of the overall credit approval profile, which will include consideration of equity contribution to satisfy the loan‐to‐value ratios, Borrower and Guarantor liquidity, track record and experience, and credit history. Additional collateral and other credit enhancements may be considered to augment and strengthen a Borrower’s overall credit profile (e.g. holding interest and/or repair funds in escrow, requiring additional down payment, or adding additional collateral). The following are to be used as guidelines to determine Borrower and Guarantor credit worthiness:

5.A.5.1

Borrower shall have a FICO score of no less than 600. Anything below 600 would require exception approval from Amres as an exception with mitigating factors.

5.A.5.2

Borrower is required to demonstrate their liquidity position and shall have liquid assets (cash,
marketable securities and/or verified income) of at least the amount equal to their equity contribution as set forth in section 3.G. and, at a minimum, 3 months interest based on total loan amount. This calculation occurs at the time of borrower or property approval. Amres reviews 2 months’ statements (in limited cases our underwriter may accept fewer months) of the accounts that are needed to satisfy the calculation of the above. Cash out proceeds may apply. The need to verify additional liquidity will be on a case by case basis.

5.A.5.3

The Borrower generally will have been discharged for at least two years from all types of bankruptcy and four years from foreclosure, short sale and/or deed in lieu at the time of approval. Any deviation would require exception approval from Amres Investment Committee.

5.A.5.4

The Borrower is free of any violent crime and financial related felony charges. Also free from material open judgments and material pending litigation.

5.A.5.5

The Borrower must not have been 60 days late on any mortgage payment during the past 24 months. Any deviation would require exception approval from Amres Investment Committee.

5.A.5.6

Borrower Experience calculations will be applied to determine coupon, fee and advance rate structures. The current tiers are as follows:

Borrower Experience

Experience Level
# Projects Completed (Three Year)
$ Projects
1
Experienced
4+
OR
$5,000,000
2
Limited Experience
2 - 3
OR
$2,500,000
3
No Experience
0 - 1
OR
$0
There are no rows in this table

LTC/LTARV

Experience Level
Light1
Column 3
Medium2
Column 5
Heavy3
Column 7
No Rehab (Bridge)
Column 9
Column 10
New Construction
Column 12
1
LTC
LTARV
LTC
LTARV
LTC
LTARV
Purchase
Rate Term
Cash Out
LTC
LTARV
2
Experienced
85
75
85
75
85
75
75
75
70
85
70
3
Limited Experience
85
75
85
70
80
70
75
70
65
80
70
4
No Experience
80
65
75
65
75
60
70
70
65
N/A
N/A
There are no rows in this table
Light rehab = <30% of the lower of the appraised value or purchase price
Medium rehab = 30.01 – 50% of the lower of the appraised value or purchase price
Heavy rehab = >50% of the lower of the appraised value or purchase price

5.A.6. Personal Guaranty

In most cases, Amres will obtain a personal guaranty from any individual that directly or indirectly has an ownership interest of 20% or more on every loan, where legally permitted, other than loans made to a Fund or non‐ profit organization. A minimum 51% entity ownership guarantee is required. In addition, loans to experienced borrowers, at Investment Committee approval, may be made without personal guaranty from the principal natural person sponsor (but only with rare acceptance).
The term “Fund” shall mean any fund or any similar entity or vehicle which A. aggregates pools of capital from investors for the purpose of investing such capital and B. is managed by a subset of such investors or by professionals on behalf of such investors. In all cases where a loan is made without a guarantor, the down payment will be increased by at least 10% and the After-Repair Value LTV will not exceed 65%. Amres will carefully evaluate the quality and financial condition of each Borrower and guarantor. In some cases, a greater down payment (or escrow of funds) may be required to compensate for guarantor financial limitations. Guarantees must be personally signed by the guarantor. A Power‐of Attorney (POA) is not acceptable.

5.A.7. Borrower Experience

The primary method of verification of Borrower experience will be satisfied by reviewing HUD statements, Tax Returns, MLS data, county records, or other verifiable sources. In most cases, the Borrower will satisfy the following minimally acceptable underwriting guidelines:

5.A.7.1

The borrower should have at least 1 year of verified acceptable real estate experience. Such experience should include real estate investing; managing or owning investment properties; a licensed realtor; or operating as a licensed contractor or builder (this would include building or performing a major renovation on his/her personal residence if such person was the general contractor).

5.A.7.2

The Borrower has access to reputable contractors to successfully complete existing properties under repair plus any new properties being financed.

5.A.7.3

The Borrower has demonstrated an ability to create substantial value through the successful process of purchasing, repairing and selling or renting properties.

5.A.7.4

The Borrower does not currently own a substantial back log of inventory.

5.A.8. Fix/Flip Product Category

Amres will acquire Fix/Flip loans provided that all underwriting guidelines specified herein are adhered to, superseded only by the minimally acceptable underwriting guidelines described below:

5.A.8.1 Maximum Loan to Cost / As Is Value

Maximum loan amount per asset will generally be equal to the lower of 85% of the (i) purchase price or (ii) the As-Is value of property, plus 85% of Direct Construction Costs and Value-Add Soft Costs. For refinances, the initial advance will be determined by the lower of the property purchase price and As-Is appraised value if such property has been owned less than 1 year from the date of application. If the property has been owned at least 1 year from the date of application, the As-Is appraised value will be used. In some cases, Amres will use the As‐Is value as the After‐Repair value” (e.g. a cash out refinance on a completed property or a loan without construction draws).

5.A.8.2 Maximum AfterRepair Value

The maximum percentage of ARV is generally capped at 75% ARV.

5.A.8.3 Loan Term

Six (6) to Twenty Four (24) months.

5.A.8.4 Minimum and Maximum Loan Size

The minimum loan amount shall be no less than $100,000 for any 1-4 unit bridge or Fix and Flip and no less than $250,000 for any ground up construction or 5+ multi-unit transaction. The maximum loan amount shall be no greater than $3,500,000 for any single transaction. Exceptions may be requested up to $40m.

5.A.9. Ground Up Construction (GUC) Product Category

Amres will underwrite and close new construction loans for single family and multi‐family properties provided that all underwriting guidelines specified herein are adhered to, superseded only by the minimally acceptable underwriting guidelines described below:

5.A.9.1

The land/lot must be fully entitled in accordance with the proposed construction project and developed with all required utilities and road infrastructure. The land must be owned free and clear of liens.

5.A.9.2

Prior to Amres funding, Borrower shall submit architectural/specifications plans, sworn statement budget, and verification that building permit application and entitlement was properly submitted/approved.

5.A.9.3 Maximum Loan to Cost / As Is Value

Maximum loan amount per asset will generally be equal to the lower of 85% of the (i) purchase price or (ii) the As-Is value of property, plus 85% of Direct Construction Costs and Value-Add Soft Costs. For refinances, the initial advance will be determined by the lower of the property purchase price and As-Is appraised value if such property has been owned less than 1 year from the date of application. If the property has been owned at least 1 year from the date of application, the As-Is appraised value will be used.

5.A.9.4 Maximum AfterRepair Value

The maximum percentage of ARV is generally capped at 70% ARV.

5.A.9.5 Loan Term

Six (6) to twenty four (24) months.

5.A.9.6 Minimum and Maximum Loan Size

The minimum loan amount shall be no less than $250,000. The maximum loan shall be no greater than $3,500,000 for any single transaciton. Exceptions may be requested up to $40m.

5.A.9.7 Guaranteed Maximum Price Contract

Amres may require, if the total construction budget of a project exceeds $1,000,000, a Maximum Guaranteed Price “GMP” Contract from the General Contractor.

5.A.9.8

All major subcontracts may be assigned to Amres, at Amres option.

5.A.9.9

Amres will require Builders Risk and general liability insurance, including workers’ compensation.

5.A.9.10

Bonding Requirements – Amres may require that all contracts that exceed 25% of the total budget be bonded.

5.A.9.11

Amres will require, at borrower’s expense, an upfront construction feasibility review and/or onsite inspection for all new construction loan transactions.

5.A.10. Bridge Product Category

Amres will acquire Bridge loans provided that all underwriting guidelines specified herein are adhered to, superseded only by the minimally acceptable underwriting guidelines described below:

5.A.10.1 Maximum Loan to Cost / As Is Value

Maximum loan amount per asset will generally be equal to the lower of 75% of the (i) purchase price or (ii) the As-Is value of property. For refinances, the initial advance will be determined by the lower of the property purchase price and As-Is appraised value if such property has been owned less than 1 year from the date of application. If the property has been owned at least 1 year from the date of application, the As-Is appraised value will be used.

5.A.10.2 Loan Term

Six (6) to Twelve (12) months.

5.A.10.3 Minimum and Maximum Loan Size

The minimum loan amount shall be no less than $100,000 for a single property. The maximum loan amount shall be no greater than $3,500,000 for any single transaction. Exceptions may be requested up to $40m.

5.B. Property Underwriting

5.B.1. Appraisal / Valuation

Amres requires a third-party Uniform Residential Appraisal Report (“URAR”) from an approved valuation vendor to establish the current value for any collateral being pledged as part of the loan request. Amres may require an additional automated valuation model (“AVM”) or other valuation product when necessary or when origination partner obtains valuation reports from non-approved Amres vendors. For a 1-4 unit, if the loan amount and/or property value is great than $2,000,000 two separate appraisals will be required. All appraisals must indicate the As‐Is value and the After‐Repair value, where applicable and take into consideration the budget/SOW for the contemplated project. All appraisals will be carefully reviewed by a Amres underwriter.

5.B.2. Appraiser Qualifications

All appraisers retained by Amres shall be licensed or qualified as independent fee appraisers and be certified by or hold designations from one or more of the following organizations: The Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”), the National Association of Review Appraisers, the Appraisal Institute, the Society of Real Estate Appraisers, and/or M.A.I.

5.B.3. Appraisal Aging

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