If your division has the Review Cancellation Fees setting enabled, all appraiser entered cancellation fees must be approved, declined, or countered within 24-hours of receiving the cancellation fee from the appraiser. If no action occurs within this timeframe, the appraiser's submitted fee will automatically go through. Please note: orders placed after the Restrict Cancellation Fee setting has been enabled will be eligible for this new review process. Orders placed prior to the setting being enabled are subject to the original cancellation fee parameters.
If Restrict Cancellation Fee Review to Administrators Only is also enabled, only Administrators will be notified that a cancellation fee has been entered and is ready for review. Supervisors and Originators will be prevented from taking action on cancelled orders with pending cancellation fees.
After an appraiser submits their cancellation fee, the system will automatically notify the appropriate users that a cancellation fee has been submitted, the amount of the fee, and that you as the lender have 24-hours to act before the cancellation fee posts to the order. Below is an example of what the email notification will look like.
When you next access the order, a new overlay screen will prompt you to Approve, Counter, or Decline the cancellation fee.
Approve Cancellation Fee
Approving the cancellation fee will post the approval to the Communications Log. The billing activity will reconcile accordingly.
Counter Cancellation Fee
Countering a cancellation fee will allow you to recommend an alternative cancellation fee to the appraiser. Selecting Counter will prompt a Counter Action overlay where you can enter a different price and a reason why countering the fee is warranted.
The Counter Action will be posted to the Communications Log for tracking purposes. Additionally, the appraiser will be sent an email notification stating their cancellation fee has been countered and the reason for the counter. Should the appraiser not submit a new cancellation fee within the 24-hour window of when the lender counters the initial fee, the cancellation fee will automatically be set to $0.
Decline Cancellation Fee
Declining the cancellation fee will require a message to be entered as to why the fee is being declined. Once the message has been composed in the textbox, select Confirm to send the message to the appraiser. Selecting Cancel will direct you back to the Communications Log.
The Decline Action will be posted to the Communications Log for tracking purposes. Additionally, the appraiser will be sent an email notification stating their cancellation fee has been declined and the reason for the decline. Should the appraiser not submit a new cancellation fee within the 24-hour window of when the lender declines the initial fee, the cancellation fee will automatically be set to $0.