AIMSdashboard, LLC. Provides Software Solution for Home Valuation Code of Conduct
Chapel Hill, NC (PRWEB) May 11, 2009 -- Already stressed by the housing crisis, mortgage professionals are now facing new restrictions on the way they order appraisals. The Home Valuation Code of Conduct (HVCC) introduces appraiser selection requirements for residential loans originated on or after May 1, 2009, and destined for the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). Once the new regulations go into effect, Fannie Mae and Freddie Mac will no longer purchase mortgages from lenders that do not comply with the new HVCC requirements.
Fannie Mae and Freddie Mac will use the HVCC to reduce potential conflicts of interest stemming from the appraisal ordering process. The intent is to ensure that appraisers are not influenced to generate a predetermined value. The HVCC requires that lenders warrant the conformity of loans to the HVCC for all new mortgages. Many interpret the code to suggest that a separate entity must handle the processing of appraisal requests. Although it is allowed, third-party involvement is not required.
The looming risk is of a third-party "quick fix" for the new requirements is that involvement of an appraisal clearinghouse would jeopardize lenders' carefully developed internal policies and procedures. The Appraisal Independence Management System (AIMS) application helps to mitigate that threat and, "offers the flexibility to meet the demands of each institution's policies", according to Chris Williams, President/CTO of AIMSdashboard, LLC. AIMS "provides the evidence to confidently warrant conformity to the HVCC". Using a service of this kind facilitates a smooth, quick transition into compliance while keeping longstanding professional relationships intact.
Lenders and brokers can maintain relationships with highly competent appraisers, while ensuring the necessary integrity in the appraiser selection process. AIMS users can add or remove appraisers from their own list of approved appraisers (according to lender policy), and administer approved competencies for appraisers in the their candidate pool.
The AIMS application is offered as a discrete application with limited dependencies, in a Software as a Service (SaaS) model. This enables AIMS to serve both small and large lenders and brokerage firms and quickly deliver new functionality to meet changing needs of the mortgage community. Users are not burdened with application management and upgrading, so future compliance requirements can be addressed quickly.
For guidance on the implementation of the HVCC, visit Freddie Mac (http://www.freddiemac.com/singlefamily/home_valuation.html) and Fannie Mae (https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/appcode/)
About AIMSdashboard, LLC:
AIMSdashboard, LLC. (http://www.AIMSdashboard.com) creates software-based systems that enable financial services companies to react to quickly evolving regulations and to activate new policies throughout their enterprises. These systems are designed for flexibility and auditability at all levels of use.
For more information, contact:
Catherine Adamson, Public Relations Manager
1 (888) 217-9295
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