There is no formal approval process for third party vendors. For
instance, there is no list of HUD “approved” appraisers, environmental
firms, etc.. We can use both local and national vendors for these services,
however the entities should be aware of HUD requirements (which are
somewhat unique), and we must commission all third party reports in our
name as the lender. These reports also have a shelf life, so commissioning
reports years in advance will not accelerate the underwriting process.