Myth:
The HVCC requires that lenders and appraisal management companies utilize rotational panels in making appraisal assignments.
Reality:
The HVCC
does not require the use of a
rotational list of approved appraisers by lenders and appraisal
management companies.
Myth:
Professional appraisal designations cannot be used when evaluating the qualifications, education and
experience of an appraiser
.
Reality:
The Fannie Mae Selling Guides state that designations may be helpful in evaluating an appraiser's
qualifications, particularly when the designation is from a nationally recognized organization.
Specifically, the Fannie Mae Selling Guide states:
“
Professional appraisal designations can be helpful to the lender in evaluating an appraiser’s qualifications,
particularly when the designation is from a nationally recognized organization that has formal experience,
education, and ethics requirements that are strongly administered. If the lender considers an appraisal
designation in its evaluation, it should be familiar with the appraisal organization’s specific requirements to
ensure that the designation is evaluated appropriately.
In addition,
Freddie Mac Bulletin 2009-18 includes consideration of
membership in a professional appraisal
organization as a “
best practice” in evaluating appraiser qualifications.
Final Note:
The
HVCC is
intended to promote independence in the
appraisal process and,thus,help ensure that appraisers and the appraisal process may
be relied upon as part of
sound underwriting for financial institutions.
https://www.appraisalinstitute.org/file.aspx?Document=HVCC_myths.pdf
”
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