Home Valuation Code of Conduct- Clear Lake, Texas- First American Title Company

Home Valuation Code of Conduct New Questions asked- Clear Lake Texas

On March 31, Fannie Mae and Freddie Mac posted updated Frequently Asked Questions about the Home Valuation Code of Conduct. 

According to the newly posted FAQs, both Fannie and Freddie say that the mortgage broker MAY place the appraisal order with an appraisal management company ("AMC") chosen by the lender.  An important consensus as Fannie and Freddie previously disagreed on the interpretation of the section of the Code related to mortgage brokers placing the order with an AMC....The mortgage broker may NOT choose an AMC from among several AMCs that the lender may be using - the lender must choose which AMC to use.  Please read the attached for the exact wording of the explanations.

Hopefully you have been contacting your customers to discuss the impact the HVCC is going to have on their processes.  If you feel you need more training on the HVCC please let me know and we will set up another class and you can get fully up to speed on this important development in the industry.

On a separate note....

Attached is a press release from Freddie Mac regarding their Relief Refinance Mortgage in support of the federal government's Making Home Affordable Program.  Freddie Mac is allowing the use of Home Value Explorer ("HVE") to determine collateral value for this mortgage.  HVE is Freddie Mac's automated valuation model ("AVM").   Please note that both First American eAppraiseIT and First American CoreLogic are resellers of HVE, so our customers can order the HVE AVM from either source.

The Relief Refinance Mortage is a simplified refinance mortgage will help borrowers who are making timely mortgage payments but have been unable to refinance due to declining property values and tightening credit terms by offering:

• Expanded LTV/TLTV/HTLTV ratios.
• No post settlement delivery fees, except for the Market Condition delivery fee.
• Relief from standard mortgage insurance requirements.
• Simplified appraisal and borrower eligibility requirements.

Thank you for your attention to these items and please let me know if you have any questions!

www.clearlaketitle.com kheinrich@firstam.com for more information you can also see www.fatcohouston.com