Dallas Home Appraisals News and Information

The Home Valuation Code of Conduct goes into effect in just under 2 weeks and there is still much conjecture about what it will mean to appraisers, brokers, lenders and homeowners.  For today, a little about what it will mean to a homeowner looking to refinance.  In a word (or two), it will mean higher costs.  There's an interesting analysis of the effects of the HVCC here.

In conversations with brokers and lenders, and in just reading what's on the internet, it is clear that there are many individuals out there who are either not ready to be HVCC-compliant on May 1st or, in some cases, not even aware that they are affected.  There is still much confusion as to whether a broker can order an appraisal (yes) and how (through the lender's approved list of AMC's) and under what circumstances (only Fannie and Freddie loans so far, FHA is not party to the agreement that created the HVCC).

As a consumer, the homeowner - whether buying, selling or refinancing - must be aware of the coming changes and know how they affect you and your loan in order to protect yourself against unscrupulous practices.  Please contact us at Blue Star Appraisals Inc. for more information, or to be referred to one of our trusted broker or lender clients.