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AppraiserLoft Positions Itself as a Leader in Achieving Compliance with FHA’s January 2010 Appraisal Rules

By AppraiserLoft Team | December 21, 2022, a leading online national appraisal management company, continues its trend of HVCC compliance, this time with the FHA regulations requiring appraiser independence in loan origination. The newly proposed FHA guidelines slated to take place on January 1, 2023 are strongly supported by AppraiserLoft which, since it was founded, has required that its appraisers adhere to a strict code of ethics in their property valuations. AppraiserLoft’s practices were already in full compliance with the new FHA Appraiser Independence and Appraiser Engagement regulations when HUD released them in October 2009.  AppraiserLoft achieved early compliance with similar standards set forth by the Home Valuation Code of Conduct (HVCC) in 2009. Their commitment to maintaining integrity and delivering professional unbiased appraisals positions them to provide appraisal services to lenders, which are in full and complete compliance with all government rules and regulations.

Among those new rules and regulations is FHA’s requirement that appraisers receive reasonable and customary compensation, a practice which AppraiserLoft has adhered to since it was founded in 2006. Mirroring HVCC’s requirement that appraisers cannot be affiliated with lending agencies, FHA’s version has also adopted higher standards in ordering appraisals, a measure strongly supported by AppraiserLoft. According to Brad Kirk, AppraiserLoft’s Director of National Sales, “The company will continue to exceed expectations as it ensures that all transactions are performed at an arm’s length, without any influences or relationships which could impact the true valuation of properties we are trusted to appraise honestly and independently.”

AppraiserLoft’s practices also mirror the new FHA requirement that appraisers have familiarity, experience, and knowledge in the geographic location of the properties they appraise. With over 15,000 appraisers, AppraiserLoft’s nationwide network includes FHA approved appraisers in all 50 states. SVP and Director of National Sales, Shane Copeland adds, “Geographic location has always been and will always be one of the main criteria for the selection of independent appraisers in AppraiserLoft’s transactions. We strongly support and will continue our previous practice of hiring local appraisers to provide property valuations that lenders can trust.”

FHA Appraiser Independence and Appraiser Engagement regulations will also impose changes in FHA case number procurement and management. Strict regulations preventing lenders from generating FHA case numbers have the potential to delay the appraisal ordering process. Copeland reports that AppraiserLoft is internally prepared to expedite the process and reduce inefficiencies, while continuing its commitment to generating impressive turnaround times of 3-4 days in most areas.

The new FHA guidelines are part of a continuing effort to ensure integrity in the relationship between lenders and appraisers. “AppraiserLoft applauds and supports the higher standards outlined in the FHA version of the HVCC. We welcome the opportunity to be leaders in complying with this legislation and have set forth policies and procedures which will help us to effectively do so,” Kirk announced.

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