AMC Achieves Compliance with New FHA Appraisal Rules
Technology-focused appraisal management company (AMC) Solidifi gained compliance with the upcoming Federal Housing Administration (FHA) appraiser independence and appraiser engagement regulations mandated by the Department of Housing and Urban Development (HUD) ahead of the forthcoming deadline. The regulations are similar to those in place through the Home Valuation Code of Conduct (HVCC) for agency-purchased mortgages that were enacted to create a barrier between appraisers and loan originators, but apply to FHA-insured loans. The new FHA loan rules take effect Jan. 1, 2010. Solidifi said its appraisers are geographically competent and are paid market rates for their services, ensuring compliance with the new regulations and accuracy in the appraisals. “We allow lenders to set their minimum performance and credential levels of an appraiser they want to work with -- including geographic competency, which can be as specific as setting a tolerance of a 20 mile radius of the property,” said Solidifi executive vice president of sales and marketing Loren Cooke. Write to Austin Kilgore.