For appraisal companies that your FI is wanting to use but they're not on the board approved list (this applies to both commercial and residential appraisers):
We are seeing an uptick in vendor requests for appraisal companies and the responsible department is giving major pushback on the due diligence they're doing and obtaining especially when it's a One-Time use vendor. They are only getting COI, W9 and ACH payment information.
As a matter of practice, we are only allowed to use board-approved appraisers. However, in the interim before the next board approval, we are allowed to use appraisers that have gone through our normal vetting process, such as two references from other FIs, W9, resume, COI, and evidence of license for the states we will be using the appraiser's services. The boarding of these new appraisers must be reviewed and approved by our Chief Appraiser and Chief Risk Officer.