All lenders and their loan officers are now subject to HVCC (Home Valuation Code of Conduct) under a new requirement of RESPA that started on May 1, 2009. This new requirement has drawn many complaints in that appraisers assigned from a pool of appraisal management companies are coming from out of the area and thus not familiar with the local area and conditions.
It has been suggested that appraisal companies provide an “Appraiser Proximity Certification” on all appraisal orders. This proof would provide some creditability that the appraiser chosen for a particular assignment had local knowledge of the area and the expertise to complete the assignment. Bottom line, the appraiser needs to have a familiarity with the area, boundary lines and value differentiation between subdivisions as well as cities.
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