StreetLinks confirms FHA appraisal rules compliance

StreetLinks confirms FHA appraisal rules compliance

October 13, 2009

StreetLinks National Appraisal Services announces its full compliance with FHA Mortgagee Letter 2009-28 released several weeks ago. FHA has long advised lenders and appraisers of the importance of appraiser independence in the context of generally accepted prudent lending practices. In the new mortgagee letter FHA reiterates the importance of appraiser independence and advises of new requirements regarding who is eligible to request an appraisal from an FHA Roster appraiser. The new requirements will be effective on Jan. 1, 2010.
"This will have a big impact on lenders, as did the HVCC agreement. We've always believed an arms-length, independent process was the only avenue for accurate and unbiased valuations. Our people and processes are perfectly aligned for full compliance," stated StreetLinks CEO Steve Haslam. "We are so confident in our processes and ability to perform better than any other appraisal management solution that we recently rolled out a Performance Guarantee - the only service and quality guarantee in the industry."
The new FHA guidelines also address geographic competency and the payment of reasonable fees to appraisers. While this may pose a challenge to 'traditional' appraisal management companies, StreetLinks Managing Director Tom Hurst explained, "StreetLinks has always used the best local appraisers in every market and paid reasonable fees. Our Intel-Assign assignment methodology is driven by proximity to the subject property, service level of the appraiser and quality of their work. The appraisal fee is established by the appraiser - not set by StreetLinks. We attract the best appraisers in the nation, pay them a reasonable fee and they in turn provide us with excellent service and quality."
Tony Ebeyer, StreetLinks COO added, "We suggest that lenders start testing AMCs now rather than waiting for the deadline. We saw several lenders waiting for HVCC and really scrambling at the end. We're 100% compliant, have appraisers in every market and back our process with both a Performance Guarantee and a Loss Warranty. There is really no risk to testing."
StreetLinks, which recently announced its industry-exclusive Million Dollar Performance Guarantee, provides appraisals nationwide. Each appraisal is hand reviewed for quality and compliance with lender underwriter guidelines, certified HVCC and FHA compliant and backed by a 100% Loss Warranty.
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Compliance, Originations, Residential, Servicing