Partnership Provides HVCC Compliance Tool
Yet another tool to help lenders meet the Home Valuation Code of Conduct compliance requirements emerged today. The HVCC enacted on May 1, completely altered the appraisal business, essentially requiring that appraisers are selected and assigned to all appraisals on a blind basis via third-party platforms. This also meant loan origination systems began altering the way they conduct business, in order to ensure lenders comply with regulations quickly and easily. The latest compliance tool came to be from a partnership between Michigan-based Mortgage Builder Software and Appraisal Management firm DartAppraisal.com. "We simply integrated DartAppraisal.com's service to Mortgage Builder's platform, enabling our users to comply easily and seamlessly," said Keven Smith, CEO of Mortgage Builder. Now, instead of ordering appraisals with providers of their choice, lenders select the DartAppraisal.com option within the online origination system. The order is sent instantly and electronically to DartAppraisal and the ordering process is complete. The Appraisal Management Company (AMC) handles the logistics and notifies the lender of an anticipated delivery date and billing, without phone calls, emails or other steps that might normally delay the process. Smith says his company will continue to add AMCs in coming months, in order to ensure HVCC compliance is easy for all clients. Write to Kelly Curran.