ValuFinders Inc., a valuation services provider to national lenders, brokers and government agencies, says that its Web-based system, Appraisal CONCIERGE, will be in full compliance with Home Valuation Protection Program and the proposed Code of Conduct.
As a result of a settlement among the attorney general of New York, Fannie Mae, Freddie Mac and the Office of Federal Housing Enterprise Oversight, starting Jan. 1, 2009, Freddie Mac and Fannie Mae will no longer purchase loans from originators who do not comply with the settlement's proposed Code of Conduct. The proposed code requires appraiser independence and specifically prohibits brokers and lenders from selecting an appraiser or appraisal management company that they own or control.
ValuFinders' Appraisal CONCIERGE is an outsourcing appraisal ordering service that allows lenders to use a blind-draw system to randomly select a licensed appraiser, the company explains.
‘Existing Appraiser CONCIERGE features include the random selection of an appraiser, appraiser independence, monitored communications and free automatic delivery of the appraisal report to the borrower, which are requirements according to the proposed Code of Conduct,’ says Joe Williams, president and CEO of ValuFinders. ‘We developed Appraiser CONCIERGE two years ago to allow the ordering party to either select an appraiser from a pool of their approved appraisers, or to have the system randomly select someone from a list of qualified appraisers.’
Source: ValuFinders Inc.