Florida mortgage brokers and Realtors take note. We’re in full swing now with the new Form 1004MC - “MARKET CONDITIONS ADDENDUM to the APPRAISAL REPORT” - will be required on all Florida appraisal reports for single to 4-family home loans dated on or after April 1, 2009.  If you’ve still not heard about the Home Valuation Code of Conduct (HVCC) - which is tied to the competition of Form 1004 MC - it requires appraisers to provide more information about market trends, supply and demand, marketing times, prior listings, and the like.

There’s a lot to the HVCC, but at the least, Florida mortgage professionals and Realtors should become familiar with it - at least on a cursory level.

Here are 8 of the main questions I receive most regarding the HVCC:

1. What is an Appraisal Management Company?

2. Can my Florida mortgage broker talk to the appraiser?

3. What’s the buzz about the fact that “value trending” appraisals must now include a trending analysis on the appraisal report?

4. What if the value comes in lower than the sales price?

5. Can an appraisal be assigned to another lender?

6. Can the borrower/client pay for the appraisal at the door?

7. What’s the 3-day appraisal notice to the borrower all about?

8. Are FHA and VA Loans Required to Use the HVCC Appraisal Process?

Continue on to find out the answers...