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