DartAppraisal.com, an independent provider of residential real estate valuations, has announced an updated version of its popular DartExpress system to ensure compliance with all Federal Housing Administration (FHA) Mortgagee Letters related to valuations. The technology updates come in advance of the FHA policy changes which will take effect Jan. 1, 2010, allowing mortgage brokers, lenders and appraisers an early advantage in compliance. DartAppraisal.com originally developed DartExpress technology in May 2009 to streamline the appraisal process for mortgage brokers while maintaining Home Valuation Code of Conduct (HVCC) compliance. The enhanced system now maintains compliance with all new FHA appraisal policies for FHA-insured loans as well. DartExpress provides a quick and easy online system to initiate an appraisal order, pay for and track the progress of the order, and finally deliver a copy to the mortgage broker and lender in full compliance with HVCC and all new and existing FHA Mortgagee Letters .
"We have enhanced our DartExpress technology to now offer the fastest path to FHA policy compliance for mortgage brokers, lenders and appraisers," said Marko Berishaj, vice president of DartAppraisal.com and a certified mortgage banker. "The Web-based system is a complete solution that ensures our appraisals adhere to all FHA mortgagee letters related to valuations. DartExpress continues to be extremely popular within the industry for HVCC compliant services, and we are confident it will deliver high quality results for users seeking FHA compliance."
DartExpress users simply register on the DartAppraisal.com secure Web site and receive their own account password. The mortgage broker then picks from a list of FHA-approved lenders that have "authorized" DartAppraisal.com to process the appraisal order. Next the user pays online with a credit card, providing immediate credit verification and processing of the order without many of the common delays associated with consumer appraisal coordination.
Finally, mortgage brokers can track up to seven steps in the appraisal pipeline via the DartAppraisal.com Web site to determine the status of each order in the account. The viewable tracking process includes receipt, acceptance, scheduling, appointment set, inspection, quality control and possible addendums. Notations of any complications which may have arisen within the process are also visible.
The new FHA policies, adopted from recent HVCC guidelines, seek to create more independence for residential real estate appraisers, allowing them to provide fair and accurate appraisals free from pressure. FHA issued five new mortgage letters explaining the policy changes; the following three letters apply to valuations:
► Mortgagee Letter 09-28: Appraiser Independence
► Mortgagee Letter 09-29: Appraisal Portability
► Mortgagee Letter 09-30: Appraisal Validity Periods
For more information, visit www.DartAppraisal.com.
