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HVCC for Dummies

  HVCC applies only to loans that will be delivered to Fannie Mae or Freddie Mac! HVCC does not apply to FHA or VA loans. HVCC does not apply to construction loans.

HVCC basically says "No person can attempt to influence the appraiser in any way". How you communicate your appraisal request is of critical importance to you as the lender to be HVCC compliant.

The appraisal request cannot come from any "Loan production staff" member. Clearly loan officers, processors, production managers fall into this category. No appraisal requests from these individuals. Loan production staff members are not allowed to have any substantive communications with the appraiser concerning the property value, condition, etc.

The appraisal request cannot have a "target" value indicated anywhere. This includes comments like "the property owner believes the property to be worth $$$$$" or "it's on the tax rolls for $$$$$" or "the current loan balance is". Any such comments (either on the original order or in any additional communications) makes the request non-compliant.

Obviously any appraisal request with a comment such as "If it looks like the value is less than $$$$$, please stop the appraisal process" is not HVCC compliant.

If the transaction is a sale, the agencies require the appraiser is furnished a copy of the sales contract.

The lender is responsible for appraiser payment. The appraiser is not allowed to collect his fee from the borrower, Realtor or any other entity.

Requesting a second appraisal requires a reasonable belief by the lender the original appraisal flawed or tainted.

The lender will quality control test ten percent of the appraisals used by the lender.

The lender has a written policy policies and procedures implementing this Code of Conduct.

And finally, the lender will certify, represent and warrant the appraisal report was obtained in a manner that is compliant with this Code of Conduct.

For your HVCC compliant appraisal needs please contact Luciano Appraisal Services.

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