HVCC Myths Vs. Facts
1. HVCC prohibits Realtors and lenders from talking to appraisers.
2. A lender is required to use an appraisal management company (AMC) to get an appraisal.
3. Lenders are required to choose appraisers from a rotating roster approved by Fannie Mae or Freddie Mac.
4. The code applies to all mortgages that require an appraisal.
5. HVCC requires an appraisal where a lender was previously under no requirement to obtain one.
6. A mortgage broker may select the appraiser.
7. A mortgage broker may not transfer an appraisal from one lender to another.
8. Borrowers must use a credit card upfront to pay for an appraisal.
9. A borrower may pay the appraiser directly.
1. Realtors and lenders can talk to appraisers, including requests to consider additional data or to correct errors.
2. Lenders may directly retain the services of an independent appraiser.
3. Lenders may choose to use a rotating roster of appraisers but are NOT required to do so by Fannie Mae or Freddie Mac.
4. The code applies only to 1-4 single family loans sold by Fannie Mae or Freddie Mac and does not apply to FHA, VA, or the Federal Home Loan Banks.
5. Nothing in the HVCC requires a lender to obtain a property valuation or to use a particular methodology.
6. If the lender grants permission, a mortgage broker may directly contact a lender-approved AMC that retains the appraiser.
7. A mortgage broker may transfer an appraisal if the lender who ordered the original appraisal grants permission.
8. A borrower is not required to pay for an appraisal with any one particular form of payment.
9. Payment for an appraisal must be made to the lender or third-party hired by the lender to retain the appraisal services.
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