Appraisal Requirements
Click on Spring EQ Appraisal Resources for additional information on Spring EQ's appraisal requirements. We use what's called a "waterfall" which means that if your AVM came in lower than anticipated, and it would push the loan into a higher pricing bucket, the appraisal product will waterfall to a Drive-By or if the loan is Non-QM, the appraisal product would automatically waterfall to a Full.
Appraisals are ordered when the loan status hits initial underwriting.
To check if an appraisal has been ordered, click on the notes section of the appraisal condition and it should show you the order date.