As mortgage brokers continue to battle the Home Valuation Code of Conduct, one firm is addressing a concern by brokers about not being able to transfer appraisals. Another firm is providing a solution to communication between originators and appraisers.
The National Association of Mortgage Brokers issued a Nov. 6 statement highlighting a one-quarter increase in third-quarter property valuation fraud reported last month by Interthinx. The brokers, who want the HVCC repealed, called the code “a failure.”
NAMB praised an amendment to H.R. 3126, the Consumer Financial Protection Agency Act, that would “sunset the HVCC and require the proposed consumer financial protection agency finance director to replace the HVCC with an improved set of rules developed through the regular administrative procedures.”
Last month, Global DMS, a MortgageDaily.com advertiser, announced the launch of AppraisalTransfer.com — which enables a free, secure transfer of HVCC-compliant appraisals.
Global explained that despite confusion about whether HVCC appraisals can be transferred — with many correspondent lenders requiring second appraisals — HVCC guidelines do allow for the transfer of appraisals. The new offering provides an HVCC compliance certification.
“All appraisals transferred through AppraisalTransfer.com are run through an automated review and automated valuation model evaluations, and lenders also receive a score that ranks the overall quality of the appraisal,” Global DMS stated. “Transfer fees are paid by the broker initiating the transfer, and cost $25 or less per file.”
A strategic partnership between Informative Research and ValuFinders enables lenders to maintain compliance with federal guidelines, including the HVCC, a press release last month said.
Enhancements to Appraisal Firewall include a new feature that helps lenders further prevent undue appraiser influence and maintain compliance with HVCC, SharperLending LLC announced last month. A new anonymous message feature enables originators to correspond with appraisers without revealing the appraiser’s identity.
