Web Site Transfers HVCC Appraisals Between Lenders
Global DMS launched AppraisalTransfer.com, a no-cost online tool for lenders to securely electronically transfer and receive Home Valuation Code of Conduct (HVCC)-compliant appraisals. Banks and correspondent lenders can reduce time and expense by eliminating the need to order additional appraisals for a property when a borrower chooses a different lender, the Lansdale, Pa.-based appraisal process management software developer said. The mortgage broker pays the transfer fee, generally less than $25, and the site runs an automated review and automated valuation model of the appraisal to rank its overall quality. “Lenders have always determined whether or not they accept transferred appraisals, but with the inception of HVCC, many lenders are now understandably concerned about the risk of accepting an appraisal that was completed without their oversight,” said Global DMS president Vladimir Bien-Aime. “AppraisalTransfer.com solves this issue by providing lenders a way to ensure the appraisals they didn’t oversee were ordered and completed according to HVCC guidelines.” Write to Austin Kilgore.