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Did you know when the AUS findings require a Form 2075 or 2070, the appraisal order may be placed directly with the appraiser and is not required to process through HVCC. Upon further discussion with the Agencies, lenders have confirmed the Appraisal Form 2075/2070 exterior is a property inspection only, and does not need to comply with the HVCC guidelines. But check with your lender to make sure they agree with this. Granite Mortgage, Inc. Joel Gothelf President
Did you know when the AUS findings require a Form 2075 or 2070, the appraisal order may be placed directly with the appraiser and is not required to process through HVCC. Upon further discussion with the Agencies, lenders have confirmed the Appraisal Form 2075/2070 exterior is a property inspection only, and does not need to comply with the HVCC guidelines. But check with your lender to make sure they agree with this.
Granite Mortgage, Inc.
Joel Gothelf
President
Good info, Joel.
Saw this a couple weeks ago, but already have gotten notice from lenders that they will still require HVCC compliance on these reports.
5 HVCC appraisals in so far and all 5 average 30K-70K below estimated conservative values, not one even close. One client even went so far as to ask how long the appraiser had been appraising and was told 2 yrs.
Yes, that may be true. However the two lenders I spoke with about this said the underwriter can override the 2075 and require a full appraisal. Do you want to take the risk of having that happen. When I ordered the purchase mortgage appraisal the AUS findings came back with a 2075 exterior only inspection on a PURCHASE in this market. I called the lender and they told me to play it safe and go the 1004 route.
HVCC HOME VALUATION CODE OF CONDUCT IS A NIGHTMARE!!
Educate your clients at application.
We have been experiencing serious issues with the Appraisal Management Company, Nations Valuation Services – Ohio. We have placed about 3 or 4 orders with them in the last week or so and each time I order the appraisal on line I get an error message that my credit card didn’t go through. I have received phone calls from Kansas, Colorado and Pennsylvania with respect to payment information for these appraisals. I enter our credit information on line and then get a call that it didn’t go through and they want to manually process the charge. My concern is that some of these charges may be duplicated. And, I am hesitant about giving out that information over the phone to someone half way across the country and I have no idea who they are. One representative told me that the issue was with the Lender and the lenders payment system did “jive” with theirs so the credit processing doesn’t work?? HVCC is TERRIBLE!!!!!!
We have been experiencing serious issues with the Appraisal Management Company, Nations Valuation Services – Ohio.
We have placed about 3 or 4 orders with them in the last week or so and each time I order the appraisal on line I get an error message that my credit card didn’t go through. I have received phone calls from Kansas, Colorado and Pennsylvania with respect to payment information for these appraisals. I enter our credit information on line and then get a call that it didn’t go through and they want to manually process the charge. My concern is that some of these charges may be duplicated. And, I am hesitant about giving out that information over the phone to someone half way across the country and I have no idea who they are. One representative told me that the issue was with the Lender and the lenders payment system did “jive” with theirs so the credit processing doesn’t work??
HVCC is TERRIBLE!!!!!!
If the property is located in a disaster area or declining market UW will more then likely request a full appraisal regardless of the DU/LP findings
If you're frustrated with HVCC, here is a petition to sign and forward:
www.hvccpetition.com
Tim
Always get a full appraisal inside and out. If you don't it might come in low. I have had the experience that the appraisers are not new but a ghost of the past from 20 years ago, We need to encourage the good appraisers to sign up with the companies. They thought that this law would not pass in the end and it would be business as usual. We just have to get used to it !
Money will encourage the good appraisers to sign up, which won't happen when the APM takes 40% of the take for placing orders and sluggishly communitcating with appraisers on behalf of the already licenced origningators. HVCC is an example of misguided legislation.
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