On March 3rd
2008 New York Attorney General Andrew Cuomo announced an agreement
with Fannie Mae, Freddie Mac and the Office of Federal Housing
Enterprise Oversight to establish a Home Valuation Code of Conduct (HVCC).
HVCC demands significant changes to the real estate appraisal
process for residential mortgage transactions. Effective May 1st
2009 Fannie Mae and Freddie Mac agreed not to buy loans unless
banks, credit unions and direct mortgage lenders prove they ordered
appraisals from independent parties who will provide objective
valuations.
As a result of these new guidelines, documentation of the appraisal
process is as critical as documentation of the loan process.
Appraiser independence, compliance to USPAP standards, documentation
of appraiser performance, and disclosure changes must now be
evidenced and documented under HVCC. Check out these links for more information:
Home Value Code of Conduct (Final Version)
Appraiser Endorsements
ARC and Lender Compliance
Interagency Guidelines - 2009
HVCC Checklist |
ARC is a Northwest based company that is completely compliant with HVCC. We are not like National Appraisal Management companies. We are local, we know this market, and we have an excellent reputation with our fee appraisers.
Here are just a few reasons why you can trust ARC to become fully compliant with the new HVCC guidelines.
- “Fees paid to appraisers are fair and some of the best in the industry” – quote from one of our fee appraisers.
- Fast turn time. Our average turn time from order to delivery is less than 5 days.
- Constant communications, to you the Lender, about the status of your order.
- Our Technology is state-of –the-art, which allows us to fulfill, track and report to you on your appraisal pipeline.
- 100% Manual QC is conducted on every appraisal, line by line, to meet USPAP standards by trained real estate appraisal staff.
- Regional Expertise – we specialize in the Pacific Northwest and have accurate valuations.
- We are 100% HVCC compliant.
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