Feb
24

IRR-Residential Offers HVCC Webinar

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On December 23, 2008, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will be implementing a revised Home Valuation Code of Conduct (HVCC) effective May 1, 2009. The revised HVCC places new requirements on lenders with regard to loans they sell to Fannie and Freddie May 1st and after. A few highlights of the new requirements include:

• Lenders must ensure there is no influence upon the appraiser in the development or valuation conclusion of the appraisal. A clear line must be drawn between loan origination / production staff and the appraisal process.

• Members of the lender loan origination and production staff are forbidden from selecting or even recommending the selection of the appraiser.

• Lenders or their agent (vendor management company or correspondent lender) must be responsible for the selection and payment of the appraiser. Mortgage brokers are specifically barred from such appraiser selection, meaning the appraisers must be selected by the upstream lender rather than the mortgage broker.

• A lender shall not utilize an appraiser employed by the lender or an affiliate of the lender, unless the appraiser, or affiliate for which the appraiser works, is wholly independent of loan origination and production.

• Lenders are not to provide estimated or targeted property values to the appraiser. This also includes a prohibition against providing the appraiser with the estimated or targeted loan amount.

• Removal of appraisers from approved vendor lists, or addition to exclusionary lists, requires a prompt written notice including the specific reasons for such action.

Learn more about the Home Valuation Code of Conduct and ways to assess your company’s current appraisal practices. The free webinar is scheduled for February 26th at 10 a.m. CST.

Click on the link below to register.
http://app.icontact.com/icp/sub/survey/take

IRR-Residential is committed to providing our clients with HVCC compliant solutions. We offer solutions that meet industry needs for appraiser selection, oversight and independence. Let us help you create a customized HVCC compliant solution for your organization and help you get ahead of the curve.

Categories : IRR-Residential

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