The AMCs Keep on Coming
Appraisal management company (AMC) DartAppraisal.com integrated with Mortgage Builder Software to bring Home Valuation Code of Conduct-compliant valuation services to mortgage banking clients. The integration ensures Mortgage Builder's clients are covered for the new regulation, which went into effect May 1. "As [Mortgage Builder's] first AMC integration, DartAppraisal.com combines leading technology with stringent quality control measures for a comprehensive appraisal," said DartAppraisal president Darton Case in a media statement. The Home Valuation Code of Conduct (HVCC) essentially requires that appraisers are selected and assigned on a blind basis via independent, third-party platforms to eliminate room for any faulty appraisals made around conflicts of interest. Independent appraisers have argued since before the original HVCC was introduced that the use of AMCs risks the quality of an appraisal by cutting into fees. The revised code has done little to quell such discontent, and if anything, has pushed this debate to the forefront of the settlement services industry as appraisers, originators and third-party service providers race to cover themselves under the new regulation. Write to Diana Golobay.