StreetLinks Touts Compliance with New FHA Rules
StreetLinks National Appraisal Services, an Indianapolis-based real estate appraisal procurement and management company announced its services are compliant with upcoming requirements by the Federal Housing Administration (FHA) that aim to ensure appraisal independence. 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. “This will have a big impact on lenders, as did the HVCC agreement," said StreetLinks CEO Steve Haslam. "We've always believed an arms-length, independent process was the only avenue for accurate and unbiased valuations. Our people and processes are perfectly aligned for full compliance." The FHA guidelines require geographic competency the payment of reasonable fees to appraisers. StreetLinks issued a guarantee of its services, backed by a $1m fund to pay the losses of dissatisfied customers. Write to Austin Kilgore.