Mon 15 Dec 2008
Check Your Investors - Home Valuation Code of Conduct (HVCC)
Posted by admin under Appraisals, Compliance, Fannie Mae, Freddie Mac
[2] Comments
The word on the street (especially from appraisers) is that “Fannie and Freddie are still waiting to hear from the FHFA about the implementation of using AMC’s…but things seem to be on the back burner.” Why, because they are so busy with the bail out, they don’t have time right now to tackle this issue.
Now the bad news…some lenders have made the decision FOR YOU and are kinda’ REQUIRING that you use an AMC (Appraisal Management Company) for your appraisals. Why did I say ”KINDA”? Well what they go on to say is that you can use your own appraisal company, but it may be subject to a review appraisal by an AMC. I don’t know about you, but how would you like to tell your client that need to fork over a couple extra hundred dollars for ANOTHER appraisal.
The bottom line is to check with your investors and wholesale reps and see who requires you use AMC’s and who does not.
