National Valuation Service – Appraiser Cooperative - Implements FHA Compliant Solutions for Brokers and Lenders

Printer-friendly versionPDF version

National Valuation Service Appraiser Cooperative meets FHA January 1, 2010 Appraisal Compliance Guidelines

Vero Beach, FL, December 08, 2009 (PressReleasePoint) -- National Valuation Service, a Nationwide Appraisal Management Service Cooperative is pleased to put forward its compliant vendor management platform for the new FHA Appraiser Independence and Appraiser Engagement regulations announced by Department of Housing and Urban set to become effective January 1, 2010 when FHA adapts the Home Valuation Code of Conduct.

New rules adapted by HUD will be addressed directly by our FHA Manager platform which will automatically route the appraiser’s license information to the lender’s appropriate staff member to obtain the case number after assignment. This will procedurally secure the proper protocol for FHA and ensure that the integrity of the process - that no undue influence is placed upon the appraiser. Other platform enhancements include FHA specific review criteria from MARS review flagging technology which provides an overall grade for appraisal reports that is configurable per client preferences. We can fully integrate with any XML format including RealEC and Calyx Point Mortgage Loan Origination and processing software.

FHA has particular guidelines and processes. Lenders that do not have FHA Compliance built into their systems will find it onerous to accommodate these changes to maximize FHA market opportunities. If Lenders have a specific list of approved FHA Appraisers, we can ensure that their panels are assigned and criteria implemented. USPAP and the Competency Rule apply to all FHA insured loan valuations performed by National Valuation Service.

Richard D. Frank, President and Founder, notes that “As yet another huge change in this new era of mortgage origination world approaches, the National Valuation Service Cooperative is securely poised as gatekeepers for originators who choose to engage appraisal management services to make the FHA policy transition a seamless compliance process for lenders, mortgage brokers, and appraisers. We have the ability to set up their FHA preferred/approved Appraiser panel immediately. Geographic market competency has never been an issue as our appraisers are limited to their primary market areas. National Valuation Service’s cooperative business model provides for the Appraiser to retain the lions share of the appraisal fee. Central to our core is the principle of transparency and service. Our SAS-70 compliance reporting system is an integral component of our IT ordering and reporting. Among our many missions is first and foremost the advocacy of Appraiser Independence; exemplary customer service sans the transition headaches and hassles; and assuring our clients that we will safeguard their compliance concerns. We meet 100% HVCC and FHA compliance guidelines and secure a vetted core of appraisers in every market in the United States. It is our steadfast belief that valuation assignments be prioritized according to license level experience and property type. Therefore, we will never adopt the widely used assignment “ broadcasting” policy so widespread among the typical management companies ”

For Mortgage Broker clients who register the Appraisal ordering process is one of simplicity. Our user friendly web based platform accommodates on line credit card processing providing real time payment verification. Mortgage Brokers accessing their accounts can track their orders to determine the status of each order from any desktop at any time. Once a valuation request is placed in our system, client notifications are sent immediately to include receipt, acceptance, scheduling, appointments set, inspections completed and delivery date. Communication to advise of any situation that might impede expedient delivery is contiguous and automatic. For Appraisers we can make their transition equally as seamless by bridging their established business relationship through our client referral program.

National Valuation Service believes education renders more accurate determinations of value. The Appraiser who has FHA and REO appraisal experience and can show a certificate of completion of an online or live FHA / REO Appraisal Course from a continuing education provider inclusive of a state board, school, a college or other approved education authorities will be approved for our roster.

About National Valuation Service:
National Valuation Service, headquartered in Vero Beach, Fl. is a not for profit, member owned real estate Appraiser Co-operative and organizational member of the National Cooperative Business Association (NCBA) in Washington, D.C. Appraisers with extensive residential and commercial experience in areas of specialized expertise service the banking industry and credit unions with solutions.

For more information visit us at www.nvs.coop ; contact our business development department at info@nvs.coop or speak with an account representative at 786.581.9171
Press Release Distribution By PressReleasePoint