http://www.amazines.com/view_author.cfm?authorid=340798
Since May 1, all lenders that do residential mortgagre loans for homes of one to four unitds sold by and on the secondaryh market must abide by the Home Valuation Code of which is intended to place a firewalkl between appraiser and lende to ensure appraisals that are independenrand honest. That means that mortgage brokersz can no longerselect appraisers. Loan officers at banks and other lenders also are no longer able to choose or requestspecific appraisers, and must guarantese to the federal mortgage giants that the appraisals were done accordingg to the code. Bank employeews who select appraisers must work in a department that is independent of the loanproductiobn staff.
Lenders cannot use in-house appraisers or an appraisal company that is an affiliate ofthe lender, unless they are independent of the loan production Many brokers and lenders will instead have to use a thirde party, which likely will be a Mainland-based appraisal management company, to select the appraiser.
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