Effective today May 1, 2009 a new FEDERAL law takes effect which states Mortgage Brokers, Realtors Buyers and Sellers will have NO control over the appraisal process. Brokers can no longer order appraisals directly from appraisers, Realtors, Buyers and Sellers can no longer order an appraisal and then bring it to their lender or bank for a loan. Banks are the only ones who can order the report directly from the appraiser or a third party will do the ordering hired by the Banks. These third parties are what we call Appraisal Management Companies (AMC's). The banks are hiring these companies to put a layer in between the banks and the appraiser for more independence and less lender pressure on the appraisers to "make the value". HVCC stands for Home Valuation Code of Conduct If you are interested in background reading here are a couple of sites:
- http://www.appraisalpress.com/news/articles/hvcc_home_valuation_code_of_conduct/
- http://www.appraisalpress.com/news/articles/proposed_changes_to_the_hvcc
If you have any questions about this new law, let me know it is just around the corner. Here's to your success,
Natascha Tello
Operating Principal
Keller Williams Realty Partners SW
2000 NW 150th Ave, Suite 2000
Pembroke Pines, FL 33028
954-237-0608
"Aim High, but stay humble in your heart"
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