The Mortgage Daily

Home Valuation Code of Conduct
April 5th, 2009 11:28 AM
 
 
The new Home Valuation Code of Conduct is now a reality and will govern how appraisals are ordered going forward.
Many lenders are setting out how they plan to deal with the new law.
 
This in from TBW:
 
The Federal Housing Finance Agency approved the Home Valuation Code of Conduct (HVCC), which becomes effective May 1, 2009.
The HVCC was developed to improve the reliability of home appraisals and restore appraiser independence. As a result, all parties involved in the mortgage process will receive independent and fair property valuations.
In accordance with HVCC guidelines, Taylor, Bean & Whitaker has partnered with SecurityOne Valuation Services https://www.securityonevs.com/, a national appraisal management company to ensure a smooth transition and full compliance. Any Conventional loan with an application dates of May 1, 2009 or later, will require appraisals ordered through SecurityOne, which will be fully integrated within the TB&W Loan Origination System. SecurityOne is fully compliant with HVCC, offering TB&W clients convenience and peace of mind. TB&W’s Broker Manual has been updated accordingly. TB&W Credit Policy Manual will be updated in the near future.

Click here to view the code in its entirety

 

Posted by Mike Rouse on April 5th, 2009 11:28 AMPost a Comment (0)

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