Home Appraisal Service Defends HVCC and Expands System

Home appraisal service StreetLinks National Appraisal Services has defended the Home Valuation Code of Conduct against criticisms and has also expanded its computer systems in order to enhance its management of appraisers and its delivery of appraisal services to clients.

According to Steve Haslam, CEO of appraisal management company StreetLinks, the lobbyists who have been criticizing the HVCC and calling for a moratorium on its implementation are perpetuating distorted accusations against AMCs, appraisers and lenders.

Haslam reiterated that appraisers working with AMCs are providing clients with unbiased appraisal reports based on current market conditions without considering their effects on home loan applications.

He also explained that lower appraisals have been rising in number because of large numbers of foreclosure properties sold across the country. He reminded critics that low appraisals are the result of foreclosures and not the cause. Foreclosure homes are a significant part of the housing market, according to Haslam.

The StreetLinks CEO also said that every real estate appraisal issued by his company is provided to the client together with a 100-percent warranty that the appraisal was completed through an independent appraisal process and that the process and report complied with underwriting and appliance guidelines.

Haslam also said that his home appraisal service has been implementing a non-influence principle which keeps the identity of the appraiser unknown to the originating company or the client. This method ensures that the appraisal is kept independent and compliant with key HVCC provisions.

Moreover, to enhance its services to its customers and appraisers, StreetLinks has teamed up with Ellie Mae to integrate its computer systems with Ellie Mae’s Encompass home loan origination software which is aimed at enhancing real estate appraisal processes such as procurement, tracking, management, accounting and reporting and facilitating HVCC compliance.

The Ellie Mae and StreetLinks integration allows users of Encompass LOS to order house appraisals and receive appraisal reports within the Encompass LOS system, eliminating the entry of duplicate data and the use of several systems. Under the Encompass program, lenders can just click a button in their loan origination systems to order a house appraisal and receive a quick confirmation. The program reduces time and effort on the part of both lenders and appraisal services and eliminates chances for errors.

StreetLinks is an Indianapolis-based home appraisal service provider that manages more than 15,000 licensed appraisers across the country and plans to hire over 320 more employees in the next couple of years.