We recently attended a seminar hosted by the Appraisal Institute http://www.appraisalinstitute.org in Dallas. The president of the Appraisal Institute, Jim Amorin, MAI, SRA, updated us with the latest issues concerning HVCC and I wanted to share some of his thoughts with you.
Numerous Appraisal Management Companies (AMC) are popping up all over the internet these days. The problem with most of these companies is that they use unknown appraisers and charge high rates, which cuts the fee to the appraiser by 50% or more per Mr. Amorin. Consequently, you end up with unknown appraiser's that work for cut-rate fees, which may ultimately be the worst possible appraisers out there.
CNBC reported on some of these issues on the launch date, May 1, 2009, of the HVCC http://www.cnbc.com/id/15840232?video=1111294890&play=1.
A number of my clients are concerned about the HVCC as well as pending changes to appraisal regulations. Most don't want to disrupt their current appraisal ordering process by outsourcing to an appraisal management company. Now's just not the time to create more headaches.
We hope you consider me a resource for all of your appraisal needs. That includes keeping you compliant while minimizing the disruptions to your existing processes. We recommend you use Mercury Network to manage your appraisal process. Mercury Network is an HVCC-Compliant appraisal vendor management platform that's managed literally millions of transactions for appraisers and mortgage loan officers since 2002.
You can use Mercury Network to organize your appraisal orders, get online status updates, and maintain an audit trail for ongoing compliance records. We’re listed on Mercury Network and are prepared to receive HVCC-Compliant, electronic orders immediately.
Please click here to sign up on Mercury Network and we'll automatically be added to your appraiser panel. We’re confident you'll like what you see and you can take a test drive by sending your next order through Mercury Network.
We also provide FHA appraisals which are not affected by the HVCC.
