Las Vegas real estate, mortgage, appraisal blog

In a recent press release FNC has announced that they already have industry-proven platforms that will enable mortgage lenders to comply with the new Fannie Mae and Freddie Mac rules for appraisals. These new rules and regulations go into effect January 1, 2009 and a "Code of Conduct" mandates that there is appraiser independence, compliance for regulatory standards and tracking of market trend.

"Documentation of the entire loan process is critical, as is evidence of appraiser independence, compliance to USPAP standards, and indications of appraisal or appraiser violations," Rayburn said. "We provide clients with solutions for all of these issues."

Regarding appraiser independence, the FNC platforms feature auto- assignment-functionality that ensures appraiser independence; the system automatically assigns orders randomly yet equally to appraisers on the lender's approved vendor list. Likewise, FNC data and analytics give lenders the tools they need to have confidence in the appraisal at every step of the loan process.

Of particular importance will be FNC's Generally Accepted Appraisal Rules(TM), also known as the GAAR(R) Compliance series. GAAR, available through the CMS, CHQ, and as a stand-alone Web-based product, ensures USPAP compliance by thoroughly scanning the appraisal and flagging any suspected violations. FNC Chief Appraiser Kathy Coon, a former Appraisal Institute chair of education, helped develop the GAAR series as lead developer and subject matter expert.

"Months ago, we established this functionality as a stand-alone Web service, allowing lenders to call a Web page, load the appraisal, and know if the appraisal is compliant or not," Rayburn said.

As these rules go into effect the need for fair and honest appraisals from a reliable source, such as Appraisers Of Las Vegas, becomes apparent.