Sonoma County Appraiser Snapshot

Appraisal Institute updates "HVCC Myths and Realities"
September 21st, 2009 11:53 AM

The Appraisal Institue (AI) added two new items for clarification regarding the scope of the HVCC. Essentially, it reiterates that HVCC compliance is the responsibility of the LENDER, not the appraiser. However, the lender or third party (AMC typically) can request that the appraiser agrees that lender/third party made every effort to be HVCC compliant and did not attempt to influence the value decision. Additionally, the AI reiterated that the HVCC applies only to one to four unit residential real estate valuations, NOT to commercial real estate valuations.

To see the complete list of the AI's "HVCC Myths and Realities" visit the document at this link:

Interestingly, the first myth re-states that AMCs ARE NOT REQUIRED FOR HVCC COMPLIANCE, rather, that risk management (the appraisal) must be separate from loan production when selecting and communicating value information with the appraiser.

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Posted by Erik Kirby on September 21st, 2009 11:53 AMPost a Comment

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