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#1863168 - 10/21/13 04:15 PM Is HVCC only for 2ndary market?
Combustible Offline
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Do the rules of the 2008 Home Valuation Code of Conduct apply to portfolio residential or commercial loans? Or does it only apply to secondary market loans?

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#1863180 - 10/21/13 04:32 PM Re: Is HVCC only for 2ndary market? Combustible
rlcarey Online
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Neither - it was totally repealed.
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#1863183 - 10/21/13 04:39 PM Re: Is HVCC only for 2ndary market? Combustible
Combustible Offline
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So, banks aren't required to have an appraiser rotation list?

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#1863190 - 10/21/13 04:44 PM Re: Is HVCC only for 2ndary market? Combustible
rlcarey Online
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rlcarey
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Well, I'm not aware that there was ever a requirement to have an appraiser rotation list, just that appraisers have to be selected independently. I think you are looking for the 2010 Interagency Appraisal and Evaluation Guidelines

http://www.fdic.gov/news/news/financial/2010/fil10082.html
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#1863206 - 10/21/13 05:12 PM Re: Is HVCC only for 2ndary market? Combustible
Combustible Offline
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Yes, I think you're right. Thanks for the heads up--I'll take a look see.

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#1863222 - 10/21/13 05:39 PM Re: Is HVCC only for 2ndary market? Combustible
Combustible Offline
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Per the Interagency Appraisal and Evaluation Guidelines;

"For residential transactions, loan production staff can use a revolving, pre-approved appraiser list, provided the development and maintenance of the list is not under their control."

As an internal auditor, should I ask for proof of the revolving aspect of the list? We have an approved appraiser list, but how can I be sure they aren't engaging the same appraisers more often than not?

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#1863242 - 10/21/13 06:07 PM Re: Is HVCC only for 2ndary market? Combustible
rlcarey Online
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rlcarey
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Galveston, TX
As the internal auditor, of course you can ask any questions that you want too. They can use a revolving list or they can use another method to ensure independence. You will never know without asking, however whatever process they use should also be well documented in the bank's appraisal policies which usually also goes to the board for approval. The process should also be tested.
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#1863258 - 10/21/13 06:37 PM Re: Is HVCC only for 2ndary market? Combustible
Combustible Offline
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Thank you! I wish you were my boss!

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#1863319 - 10/21/13 07:38 PM Re: Is HVCC only for 2ndary market? Combustible
Kathleen O. Blanchard Offline

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Ha! laugh
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#1863389 - 10/21/13 09:18 PM Re: Is HVCC only for 2ndary market? Combustible
Combustible Offline
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I know, right?

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#1863404 - 10/21/13 09:58 PM Re: Is HVCC only for 2ndary market? Combustible
Norman Paperman Offline
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Originally Posted By: amicomply
Thank you! I wish you were my boss!


Most topics have been discussed on the threads at one time or another, but I can't say I've ever seen that comment.

laugh I kid, I kid.
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