Appraisal Update - FHA has adopted HVCC genenal practices
Since the inception of new HVCC Code of Conduct, the Mortgage Industry has struggled to find balance between compliance with HVCC and with maintaining quality Appraisal Reports and turn times. HUD has issued its own version of HVCC and it also requires appraiser independence and supports general practices spelled out in Home Valuation Code of Conduct.
What is a lender to do to ensure both Quality and Compliance?
STOP, ASK THE QUESTIONS:
- If an auditor were to arrive today, could our operation supply policy and procedures that supports conduct compliant with HVCC?
- Is the risk of non compliance worth it, if it means sanctions or loan buy backs?
Strategic Information Resources Appraisal Management Division has the solution for BOTH Quality Appraisal order AND Compliance with Home Valuation Code of Conduct and The FHA Mortgagee Letter 2009-28.
At SIR you can choose to integrate our appraisal order technology into your current process. Our technology, Appraisal Firewall ensures appraiser independence by a blind appraisal order program and you can still choose to use your panel of approved appraisers, no need to worry about extended turn times or poor quality appraiser selection. We feature a full complement of management reports which can be used to document compliance. Our reports include a communications report which details all correspondence between all parties and a turn time report that specifies average turn time per appraiser. Consider this technology a true benefit if you are managing your appraisal order in house. We can ensure appraiser independence with Appraisal Firewall. Its appraisal order done right!
Your operation may need our Full Service Appraisal Order. With full service you also order your reports with Appraisal Firewall technology using your panel of approved appraisers, PLUS our appraisal management team will manage all other aspects to include appraiser licensing, audits, billing and payments. Consider our full service Appraisal Management and experience the benefits of our quality control procedures.
Contact SIR at 1-800-332-9479 to experience a demonstration of our Appraisal Management, Appraisal Order Done Right!
