HVCC is Here to Stay. Any Chance for Improvements to the Process?
Posted To: The Garrett Watts Report
Our FOCIS –plus study has a section on Home Value Code of Conduct (HVCC) compliance. Warehouse lenders in particular are interested in whether a mortgage company has a written HVCC policy and what process lenders use to comply. Some lenders have an internal appraisal management process to comply. The process involves approving appraisers for their panel and having someone, not involved in the origination process, select appraisers randomly. Others use an external appraisal management company (AMC) that has a stable of appraisers that are selected randomly. What is the impact of HVCC? HVCC has been a challenge for originators who don’t have the flexibility they had in the past. Some mortgage bankers complain there are quality issues with appraisals and order a review appraisal before…(read more)
Related posts:
- HVCC Silver Lining: Lenders Souring on AMCs?
- HVCC: Appraiser Last Laugh?
- Press Release: Title/Appraisal Vendor Management Association Publishes Standards of Good Practice in Appraisal Management
- N.Y. Times on Ordering Appraisals – " . . Lenders Now Control the Entire Process"
- FHFA to Modify HVCC Enforcement. When Can An Originator Question An Appraiser?
