Resource Mitigates HVCC Confusion
The Home Valuation Code of Conduct took effect May 1, drastically changing the appraisal process, essentially requiring that appraisers are selected and assigned to all appraisals on a blind basis via third-party platforms. Two weeks later, the code's regulations still brew confusion within the lending sector, prompting one mortgage technology company to provide a means of clarification. Mortgage technology company FNC compiled audio files of its recent HVCC call briefings as well as a printable copy of the Code itself in efforts to bring the industry up to speed. The company on Tuesday posted the information on its Web site for review. The confusion surrounding HVCC is not a new phenomenon, according to sources that spoke with HousingWire. Just days before the Code went into effect, companies cried out for clarification. "In addition to numerous calls from companies telling us that they have no idea where to begin getting themselves prepared for the HVCC, we're also finding that many who think they're prepared are actually no prepared at all -- simply because they're operating under some fundamental misconceptions," Vladimir Bien-Aime, president of Global DMS, told HousingWire days before the Code went into effect. Bank executives say it shouldn't be too difficult to bring existing operations into compliance -- although the issue of compliance is likely to be a bit different for smaller mortgage bankers. "From our perspective, it's a matter of changing the systems we already have in place," said one senior bank executive who asked not to be named. Write to Kelly Curran.