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Home Valuation Code of Conduct
Apple Appraisal, Inc. is 100% HVCC compliant. Section IVB6 of the HVCC states:
"....any appraisal company or any appraisal management company providing the appraisal to the lender has adopted written policies and procedures implementing this Code of Conduct, including, but not limited to, adequate training and disciplinary rules on appraiser independence (including the principles detailed in Part I of this Code of Conduct) and has mechanisms in place to report and discipline anyone who violates these policies and procedures."
Apple Appraisal, Inc. has trained staff and appraisers in the letter and the spirit of the HVCC. We have adopted the HVCC, it's policies and procedures in writing and we work with mortgage industry participants, like lenders, brokers and appraisers to make the HVCC workable. The following FAQs are an interpretation of the HVCC by Apple Appraisal, Inc. These are real questions asked about real situation.s Submit a question at the bottom of this page and we will answer and post it here.
Q: I am a Loan Officer and I have a borrower that doesn't know an approximate value of thier home, and I don't either. Now that the HVCC doesn't allow "Comp Searches", how can I get a handle on what the borrower's home is worth before I place the order? I certainly don't want to waste the borrower's time or money.
A: No one want's to waste anyone's money, but it is very important that the appraiser remain completely unbiased and independent in a transaction.
As a quality control measure, we offer "Pre Funding Valuations".
A "Pre Funding Valuation" is a USPAP compliant, two page form that is completed by an appraiser to help validate the results of a full appraisal.
We have done some extensive research on free online automated valuations from such companies as CyberHomes, Zillow, Bank of America, eppraisal, HomeGain and others. By far, the most accurate is CyberHomes. www.cyberhomes.com or click on the logo below.
Here are some important things to remember about traditional "comp searches".
1: Find out a little about the borrower's property. The more unusual or non-conforming characteristics a property has, like acreage, views, stables, remodeling, additions or if a home is a custom home or if a property is rural, the less accurate and less reliable a "comp search" will be. An unreliable and innacurate "comp search" is a waste of everyone's time.
2: It is a very rare occasion in the past, that an appraised value was the same as it's previous "comp search" value.
3: "Comp searches" really are only good for conforming tract homes where there are lots of market sales. That is a rarity nowadays. A free online valuation service like CyberHomes.com will be about as accurate as an appraiser doing a "comp search".
Q. Can a borrower pay for an appraisal by mailing a check to Apple Appraisal, Inc.?
Answer: Yes, the borrower CAN mail a check to Apple Appraisal, Inc. to pay for appraisal services.
The borrower can send a check, cashier’s check, or money order, made out to Apple Appraisal, Inc., for the full appraisal fee directly to Apple Appraisal, Inc. The inspection will not be scheduled until the check, cashier’s check, or money order arrives at Apple Appraisal, Inc. in the case of a personal check, funds must be verified before the appraisal is scheduled. The check, cashier’s check, or money order must be sent to Apple Appraisal, Inc. 811A Ferry Street, Martinez, CA 94553 It is strongly encouraged that the payment be sent by a trackable method, such as FedEx, UPS or other trackable service.
Q: I am a Loan Officer and I have been directed to the Apple Appraisal, Inc. website to order an appraisal. How do I know the appraisal will be delivered to the lender I am working with?
Answer: Once you create an account for yourself and are inputting your order, there is a field for "LENDER". Just make sure the lender you are working with is input into that field. There is also a comment area at the bottom of the order form. You can put additional info about the lender in that field.
Failure to indicate who the lender is on the order will delay your appraisal!
Q. I am a Loan Officer. We were instructed by a Lender to order an appraisal with Apple Appraisal, Inc. We did so and we now want to direct the appraisal to a new lender. What should I do?
A: You have a couple options.
Lender A can give you a copy of the appraisal to give to lender B, but to be HVCC compliant, Lender B must recieve assurance in writing from Lender A, that the appraisal was ordered and completed in compliance with HVCC.
If Lender A will not give a copy of the appraisal to lender B, Apple Appraisal, Inc. will complete a new appraisal at half the nomal fee, in Lender B's name.
Keep in mind that Apple Appraisal, Inc. has no control over the policies of Lender A.
It is illegal for Apple Appraisal, Inc. to simply change the name of the Lender/Client on the appraisal to someone else.
If Lender B will accept the Appraisal as a transfer from Lender A, just log into our website and order a "Transfer Appraisal". We treat it as a new assignment. No new inspection is required. We can have it completed for you in 24 hours.
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