Home Valuation Code of Conduct

Outline:

Having good morals amongst real estate appraisers helps to ensure the accuracy of the mortgage, home warranty and mortgage insurance systems

The Home Valuation Code of Conduct (HVCC), which went into effect March 2008 between Freddie Mac, the Federal Housing Finance Agency, and the NY State Attorney General, modified and streamlined the process of real estate and home appraisal across the country. 

Scope of Coverage

Many real estate companies and appraisers have detailed the HVCC's scope of coverage in their own set of frequently asked questions . Below are a list of businesses and organizations, each with different questions and answers on the HVCC's scope of coverage:

How to Select An Appraiser

Third party sources with recommendations and information on areas to consider when selecting an appraiser or appraisal company:

  • EHow.com: "Six Critical Questions" to ask when picking a real estate appraiser.
  • BankRate.com : Tips on how to look at the level of licensing and watch an appraiser at work to assist with selection. 
  • WikiHow.com : Five things to look for in a good appraiser.
  • About.com : Facts about residential real estate appraisals.
  • San Francisco Gate : Five aspects of an appraiser or their history to keep in mind when selecting.

Tips and methodologies on how to pick an appraiser from appraisal companies:

  • AppraisersOnline.com : Advice on how to go about matching an appraiser's qualifications to a specific type of property.
  • Adomatis Appraisal Service : Eight areas to consider when choosing an appraiser, including fee charged, past experience in type of property to be appraised, and references.
  • Appraisal News Online : Factors to keep in mind when selecting an appraiser such as work samples, local knowledge, and professionalism.
  • Mountain Farms Realty : How to choose a reputable real estate appraiser.

In-House Appraisers Resources

In House USA:

Appraisal Management Companies

According to the National Association of Realtors , an appraisal management company (AMC) works alongside appraisers and lenders alike to assist with the start-to-finish process of appraisal reports on homes and real estate.

Appraisal Companies around the U.S.:

  • Vaaation Management Group , founded in 2006 and headquartered in Atlanta, Georgia, does residential and commercial appraising across the U.S.
  • AAA Appraisal Management Company has residential appraisal vendors in 26 U.S. states.
  • Appraisal Pro , originally named "Seven Day Appraisal Service," opened its doors in 1988 and now services clients nationwide.

Portability & Payment of the Appraisal

There are guidelines and rules in place for when an appraisal may be transferred - known as appraisal portability - to a second appraiser or firm. Below are frequently asked questions and overviews of the regulations:

Payment for an appraisal, including who the responsible party is, fee information, and payment options:

  • Freddie Mac has a long list of frequently asked questions, including who may pay an appraiser for appraisal services.
  • Zillow.com gives details about the party responsible for providing payment for an appraisal.
  • VA Loans answers the question, "Who pays for appraisals?"
  • MSN Real Estate discusses the cost of appraisals and who pays for them.
  • Appraiser Independence FAQs : ML 2009-28 letter defines customary and reasonable fees for appraisals.
  • Realtor.com addresses the cost of an appraisal and who pays for it.
  • LA Times article: "Consumer bureau reviewing real estate appraisal fee disclosure"

Home Valuation Column 2

Outline:

Having good morals amongst real estate appraisers helps to ensure the accuracy of the mortgage, home warranty and mortgage insurance systems

The Home Valuation Code of Conduct (HVCC), which went into effect March 2008 between Freddie Mac, the Federal Housing Finance Agency, and the NY State Attorney General, modified and streamlined the process of real estate and home appraisal across the country. 

Scope of Coverage

Many real estate companies and appraisers have detailed the HVCC's scope of coverage in their own set of frequently asked questions . Below are a list of businesses and organizations, each with different questions and answers on the HVCC's scope of coverage:

How to Select An Appraiser

Third party sources with recommendations and information on areas to consider when selecting an appraiser or appraisal company:

  • EHow.com: "Six Critical Questions" to ask when picking a real estate appraiser.
  • BankRate.com : Tips on how to look at the level of licensing and watch an appraiser at work to assist with selection. 
  • WikiHow.com : Five things to look for in a good appraiser.
  • About.com : Facts about residential real estate appraisals.
  • San Francisco Gate : Five aspects of an appraiser or their history to keep in mind when selecting.

Tips and methodologies on how to pick an appraiser from appraisal companies:

  • AppraisersOnline.com : Advice on how to go about matching an appraiser's qualifications to a specific type of property.
  • Adomatis Appraisal Service : Eight areas to consider when choosing an appraiser, including fee charged, past experience in type of property to be appraised, and references.
  • Appraisal News Online : Factors to keep in mind when selecting an appraiser such as work samples, local knowledge, and professionalism.
  • Mountain Farms Realty : How to choose a reputable real estate appraiser.

In-House Appraisers Resources

In House USA:

Appraisal Management Companies

According to the National Association of Realtors , an appraisal management company (AMC) works alongside appraisers and lenders alike to assist with the start-to-finish process of appraisal reports on homes and real estate.

Appraisal Companies around the U.S.:

 

  • Vaaation Management Group , founded in 2006 and headquartered in Atlanta, Georgia, does residential and commercial appraising across the U.S.
  • AAA Appraisal Management Company has residential appraisal vendors in 26 U.S. states.
  • Appraisal Pro , originally named "Seven Day Appraisal Service," opened its doors in 1988 and now services clients nationwide.

Portability & Payment of the Appraisal

There are guidelines and rules in place for when an appraisal may be transferred - known as appraisal portability - to a second appraiser or firm. Below are frequently asked questions and overviews of the regulations:

Payment for an appraisal, including who the responsible party is, fee information, and payment options:

  • Freddie Mac has a long list of frequently asked questions, including who may pay an appraiser for appraisal services.
  • Zillow.com gives details about the party responsible for providing payment for an appraisal.
  • VA Loans answers the question, "Who pays for appraisals?"
  • MSN Real Estate discusses the cost of appraisals and who pays for them.
  • Appraiser Independence FAQs : ML 2009-28 letter defines customary and reasonable fees for appraisals.
  • Realtor.com addresses the cost of an appraisal and who pays for it.
  • LA Times article: "Consumer bureau reviewing real estate appraisal fee disclosure"

The information in this article is intended to provide guidance on the proper maintenance and care of systems and appliances in the home. Not all of the topics mentioned are covered by our home warranty or maintenance plans. Please review your home warranty contract carefully to understand your coverage.