August 18, 2010

The Home Valuation Code of Conduct (HVCC) is set to expire in November.

In its place are the "appraisal independence standards" still being written into the Dodd-Frank Act, which was passed last month. The standards will ensure that:

1. Any appraisals completed by a loan originator-selected appraiser are accepted by Fannie Mae or Freddie Mac
2. Appraisers are paid fair market rates
3. Loan originators are held accountable for unethical influence of appraisers

To learn more about the new bill, read Obama Signs Bill Eliminating HVCC by Jon Prior from HousingWire.

August 15, 2010

A recent article from the Title Appraisal Vendor Management Association (TAVMA) explains why Appraisal Management Companies (AMCs) have become the hot topic of conversation among lending institutions and appraisers. The article gives three reasons why lenders should outsource vendor management services:

1. "It helps reduce fraud between the lender's salespeople and the appraiser."
2. "It saves the bank money."
3. "It helps banks account for closing cost fees charged to customers."

Read the Whole Article

July 22, 2010

AppraisalPro offers a national footprint vendor selection platform acting as liaison between lender and appraiser. AppraisalPro manages specific client requirements, quality control process, delivery platform, and firewall promoting appraiser independence.

AppraisalPro promotes quality, transparency, integrity and ethics.