Appraiser Help Center

Content Includes:

• Overview
• Approving a Cancellation Fee
• Countering a Cancellation Fee
• Declining a Cancellation Fee

Overview

Lenders have the options within their settings to review appraiser submitted cancellation fees. Should this setting be applied, whenever you submit a cancellation fee on an order within the allotted 24-hour window post-cancellation, the lender will be able to Approve, Counter, or Decline your cancellation fee. This article explains what each activity does and the new steps you may need to take to ensure a cancellation fee is accepted by the lender for any work completed. 

Entering a cancellation fee remains the same process. When you receive the cancellation fee email notification, you have 24-hours to enter a cancellation fee. To learn more about how to enter a cancellation fee, access that article HERE. Once your cancellation fee has been entered, the lender will be notified they can review the submitted fee, along with the amount you as the appraiser entered. The lender will have 24-hours to take action. If they fail to take action in the allotted 24-hours, your cancellation fee will go through automatically. Should the lender take action in the 24-hour period, they will be able to perform three different actions: Approve, Counter, or Decline. 

Approving a Cancellation Fee

When the lender approves the cancellation fee, this will automatically approve the cancellation fee you entered and post the approval to the Communications Log. The billing activity will reconcile accordingly. 

Countering a Cancellation Fee

Should the lender counter your submitted cancellation fee, you will receive an email notification that includes the amount you entered, the amount the lender is countering, and why they are countering with said amount. The following screenshot is an example of what the email notification may look like. This same message will be posted to the Communications Log. 

You will have a fresh 24-hour window to submit the lender suggested cancellation fee. Upon cancellation fee submission, the lender will have 24-hours to review the new requested amount. This will essentially restart the lender review process. Please note: If you do not resubmit a new cancellation fee in the 24-hour period once receiving the declined message, the order will automatically revert to $0, and no cancellation fee will be remitted to you. Should the lender not confirm the new cancellation fee in the 24-hour period, your new cancellation fee will automatically go through, and billing will reconcile accordingly. 

Declining a Cancellation Fee

If the lender declines your submitted cancellation fee, you will receive an email notification that includes the amount you entered and the lender's reason for declining the requested fee. The following screenshot is an example of what the email notification may look like. This same message will be posted to the Communications Log. 

You will have a fresh 24-hour window to submit a different cancellation fee on the order for the lender to review. Upon cancellation fee submission, the lender will have 24-hours to review the new requested amount. This will essentially restart the lender review process. Please note: If you do not resubmit a new cancellation fee in the 24-hour period once receiving the declined message, the order will automatically revert to $0, and no cancellation fee will be remitted to you. Should the lender not confirm the new cancellation fee in the 24-hour period, your new cancellation fee will automatically go through, and billing will reconcile accordingly.