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The Appraisal Process

This is one of the major recent changes to the mortgage industry. Appraisers and the reports they generate are now governed by a code called HVCC (Home Valuation Code of Conduct). The HVCC basically states that as the home owners and mortgage lender you have to distance yourself from selecting your appraiser and also distance yourself and your mortgage professional from influencing the value that the appraiser gives the property at the time the appraisal is done.

The government has determined that the best possible way for HVCC to be upheld is for a “3rd Party” to handle the ordering and processing of the appraisal. Simply put, your mortgage professional will order a report from the appraisal management company and the AMC will in turn order from a randomly selected appraiser that they have approved and audited. Then upon completion of the report, the appraiser is to send the report to the AMC, where it is stamped with a certification that acknowledges that it adheres to HVCC guide lines and then it is sent to your mortgage professional and on to you as the consumer. Because of this process it is not uncommon for mortgage professionals to have the home buyer pay in advance for the appraisal since it is truly their appraisal. An estimated fee to expect to be charged is about $400.00 on average.

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