InHouse Inc., an appraisal solutions company, has announced that lenders can now take advantage of a complimentary two-month trial offer of its Connexions software platform giving them the opportunity to test its fully compliant appraisal ordering features before the new appraiser independence standards contained in the Federal Reserve's interim final rule, required by the Dodd-Frank financial reform law, go into effect on April 1, 2011. The Web-based Connexions platform gives lenders the ability to manage their entire appraisal workflow and access any appraisal vendor on one centralized platform.
With Connexions lenders gain the agility to work with any appraisers and appraisal management companies (AMCs) of choice anywhere in the country. It also lowers the cost of monitoring appraisers, thereby enabling lenders to better afford the higher "reasonable and customary" appraisal fees required in the new appraiser independence rule as mandated by the Dodd-Frank law.
"With our free two-month trial offer any mortgage lender can try out InHouse's Connexions system and see how it will greatly assist them in separating the ordering of appraisals before the new stricter appraiser independence standards included the Fed's interim final rule take effect on April 1, 2011," said Jennifer Creech, president of InHouse. "Lenders will find that Connexions gives them the peace of mind that they will be in compliance with the new appraisal rule. It not only helps them avoid costly fines, it also helps them lower the cost of managing appraisers, and enables them to compare the performance of different appraisers and appraisal management companies."
Appraisers and lenders were governed by the Home Valuation Code of Conduct (HVCC) rules until Oct. 18, 2010 when the Federal Reserve issued its interim final rule on appraiser independence. HVCC now is null and void. Both Fannie Mae and Freddie Mac have replaced HVCC with their own versions called Appraiser Independence Requirements. Fannie Mae stated, "The revised requirements pose no significant changes to the core principles of HVCC...." Connexions is compliant with the new Fannie Mae and Freddie Mac guidelines and the Federal Reserve's new appraiser independence rule in which violations can incur civil fines of up to $20,000 a day per person.
Connexions gives lenders the freedom and agility to run the appraisal process in any way that works best for them, from self-managing their appraiser panels, working with multiple AMCs, to a combination of appraiser self-management and AMC outsourcing. AMCs compete openly on the platform, which provides lenders with real-time performance statistics and a transparent comparison of appraisal quality and turn times. And, Connexions ensures appraiser geographic competency and optimal appraiser selection according to the type of property.
For more information, visit www.InHouseUSA.com.
