 Home Appraisal |
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New Appraiser Independence Standards in Dodd-Frank Financial Reform Require Mortgage Lenders to Make Decisions on Appraisal Management
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Mortgage lenders nationwide are trying to figure out how best to meet the new appraisal management rules outlined in the Dodd-Frank Financial Reform Bill, which is likely to become law in mid to late October. The bill’s appraiser independence standards present lenders with new options on how to manage appraisers, and they must now evaluate their options to decide what will most benefit their business.
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How technical appraisal for home loan helps borrower
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While determining the eligibility for a housing loan, a bank conducts a technical appraisal. The technical appraisal is an important stage in the whole process of availing a housing loan. This aspect of an appraisal process covers the documentation and legal sides of the housing loan, and is done once the credit appraisal process is over.
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Realtors, Brokers Target Home-Appraisal Rule
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The mortgage-broker and real-estate industries are pushing to have a measure that would kill new home-appraisal rules inserted into pending legislation to overhaul financial-sector regulation.
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US House To Push To Sunset Home Appraisal Code
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U.S. House negotiators on the sprawling financial-overhaul bill will seek to reinsert a measure to phase out a controversial new set of standards for home appraisals.
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House Members Look to Eliminate HVCC, Change Appraisal Process
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An amendment to the Wall Street Reform Bill being debated today in Congress would eliminate the hotly contested Home Valuation Code of Conduct (HVCC), which has changed much of the home appraisal process since its introduction last year. The Federal Housing Finance Agency (FHFA) implemented HVCC in May 2009 in an attempt to improve the independence of appraisers by prohibiting lenders and third parties from influencing appraisals. It also limits the interactions between the appraisers and those originating the loan.
This has led to increasing demand for appraisal management companies (AMCs), while also acting as a magnet for complaints from independent appraisers who claim they’re being undercut out of the market.
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