NEW Video - Fannie Mae's Home Valuation Code of Conduct Recorded Web Seminar
Fannie Mae's newest pdf and video provide guidance to lenders and appraisers to supplement the policy requirements in the Fannie Mae Selling Guide for performing and underwriting the property appraisal securing mortgages delivered to Fannie Mae.
Click the graphic below to start the online training video . . .
Top 11 Myths & Realities About The Home Valuation Code of Conduct
Myth: The HVCC requires lenders to use Appraisal Management Companies.
Myth: Mortgage sellers cannot achieve compliance without outsourcing the appraisal function.
Myth: “Loan Correspondents” or “correspondent lenders” are the same as mortgage brokers and they too cannot order appraisals.
Myth: Sellers cannot maintain the appraisal function internally (as an in-house operation), without loan production involvement.
Myth: Loan Production staff is prohibited from communicating with appraisers.
Myth: Outsourcing appraisal functions to an appraisal management company can reduce costs.
Myth: Outsourcing appraisal management to a third party reduces lender risk.
Myth: Use of third party vendors ensures the use of competent appraisers.
Myth: The licensing of an appraiser ensures his or her competency.
Myth: Professional appraisal designations cannot be used when evaluating the qualifications, education and experience of an appraiser.
Myth: “Comp checks” which are prohibited under the HVCC without an engaged appraisal assignment - are the only way to determine if there is sufficient value in the collateral before proceeding with a loan application.
Click here for the answers: Download Home Valuation Code of Conduct - Myths & Realities