HVCC-Compliant Comp. Checks
Attention Mortgage Brokers
Has the HVCC left you feeling lost in the shuffle? For years, appraisers and brokers forged mutually beneficial relationships that often resulted in appraisers sharing valuable market knowledge. Now that the HVCC is in place, these relationships have been severely undermined. Mortgage brokers can no longer order appraisals and no longer benefit from having a trusted source of information. Appraisers are now focusing on serving the AMC's and other direct lenders for cut fees and no longer can devote time to their long-time former clients. If this has been your experience, then Baseline has a solution.
1. The HVCC disallows the assigned appraiser from performing a "comp check" and prohibits communication between them and the loan production staff. Since brokers are at the mercy of lender-designated AMC's. There is an excellent chance that their former appraisers are not assigned to the order. Therefore, nothing in the HVCC prohibits one of our appraisers from performing a market analysis for a particular property for you*.
* In the unlikely event that we received the order from the AMC, our company would ensure that the assigned appraiser was not the same person who performed the analysis.
2. There are several levels of analysis that can help you pre-qualify borrowers from an LTV-Standpoint. Perhaps you only wish to know the range of sale prices over the past 6 months in a given area. Maybe a greater level of detail is required because of a difficult LTV ratio. What if you received an appraisal that your borrower is questioning and you want to be certain that the most relevant data was used?*
* The HVCC prevents mortgage production staff members from using an additional appraisal or review to pressure the existing appraiser. However, your borrowers are not prohibited from filing a complaint with a State Board of Registration if they suspect appraiser incompetency.
3. In today's complex and changing real estate market, providing a firm estimate of value without a full inspection & analysis would be irresponsible and not have a lot of validity. We can provide ranges of value based on a certain set of hypothetical conditions. A Baseline team member can also provide a fannie-mae ready list of sales within a neighborhood or 1-mile radius. What good is a sale from a year ago if the secondary market or an underwriter will not accept it as a relevant comparable?
Please contact a Baseline Team Member at 603-458-5399 to disuss our range of HVCC-Compliant products and services today.