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hvcc: New FHA Appraisal Requirements - 11/04/09 09:12 AM
Many people are talking about repealing HVCC...the law stating that mortgage brokers cannot be involved in choosing the appraiser or ordering an appraisal on a conventional loan.
I truly hope they do repeal this, however the real news of the day is that FHA is now following in Fannie & Freddie's footsteps - As of Jan 1 2010 all FHA appraisals are required to be ordered through an independent third party with no loan officer involvement.
A couple notable points: FHA is saying that AMC's must pay appraisers normal market rates for their appraisals, which is good for appraisers, however the … (1 comments)

hvcc: The skinny on HVCC - 05/11/09 02:49 PM
The Attorney General of New York (Andrew Cuomo) started quite an uproar with an investigation into the appraisal process and the mortgage industry. Fannie Mae & Freddie Mac quickly moved to appease him & subsequently agreed to huge changes to the way appraisals are handled.
 
 
The resulting settlement agreement, the Home Valuation Code of Conduct or HVCC makes the following changes:
All appraisals must be ordered through a third party, called an Appraisal Management Company (AMC). A broker can no longer order an appraisal from a specific local appraiser that is an established professional,  well versed in their local market....The order … (8 comments)

 
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Dan Magstadt

Lake City, FL

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Mortgage blog written by Dan Magstadt to help give some insight into the mortgage market as well as let everyone know what's going on at Meridian Financial & my personal life!
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