Are they True or False? Do YOU know the answers to ALL eleven Top Myths About The HVCC?
Myth: The HVCC requires lenders to use Appraisal Management Companies.
Myth: Mortgage sellers cannot achieve compliance without outsourcing the appraisal function.
Myth: “Loan Correspondents” or “correspondent lenders” are the same as mortgage brokers and they too cannot order appraisals.
Myth: Sellers cannot maintain the appraisal function internally (as an in-house operation), without loan production involvement.
Myth: Loan Production staff is prohibited from communicating with appraisers.
Myth: Outsourcing appraisal functions to an appraisal management company can reduce costs.
Myth: Outsourcing appraisal management to a third party reduces lender risk.
Myth: Use of third party vendors ensures the use of competent appraisers.
Myth: The licensing of an appraiser ensures his or her competency.
Myth: Professional appraisal designations cannot be used when evaluating the qualifications, education and experience of an appraiser.
Myth: “Comp checks” ? which are prohibited under the HVCC without an engaged appraisal assignment - are the only way to determine if there is sufficient value in the collateral before proceeding with a loan application.
Click here for the answers: Download Home Valuation Code of Conduct - Myths & Realities
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