May 5, 2009, Written by: Michael C. Zari
If you have not already heard, as of Friday May 1st 2009, as one industry expert put it, “the complete lending landscape just changed!” To bring that back in from a more macroscopic statement, the way that appraisal are performed for certain types of real estate has changed. Welcome to the new world “after: the introduction of the Home Valuation Code of Conduct (HVCC). The HVCC pertains to mortgage loans (originated from May 1st onward) that are intended for sale to either Fannie Mae or Freddie Mac.
SO REMIND ME AGAIN ABOUT THE HVCC?
Last week’s article went over the Good, Bad and the Ugly of the Home Valuation Code of Conduct, and before I continue I wanted to remind folks of a few things about the HVCC.
According to the Federal Housing Finance Agency (FHFA), the HVCC builds on existing Fannie Mae and Freddie Mac seller-service guidelines to “increase the reliability of appraisals” for loans sold to the both these agencies.
To make a long story short, the changes being implemented through the HVCC are really intended to protect everyone and are for the greater good (yes – “the greater good”) by setting requirements so that the individuals and organizations requesting the appraisals have no influence on the outcome of the actual appraisal itself. Thus, the HVCC:
* Prohibits lenders and 3rd parties from influencing appraisals;
* Requires lenders to ensure that borrowers get a free copy of appraisal reports at least three business days before closing;
* Allows lenders to have in-house appraisers, so long as they’re completely independent of the sales staff and their compensation does not depend on their estimates or on loan closings;
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Receiving EGL Loose Diamonds Appraisals
The EGL, which stands for European Gemological Society, is an internationally recognized appraiser of loose diamonds. When you purchase a diamond, either loose or set in a piece of jewelry, that is accompanied by certification from EGL loose diamonds, you can be assured that the carat, cut, clarity and color of the diamond has been assessed by a team of eight professionals.
This is the standard set in the EGL laboratories in Antwerp, Belgium, and in Los Angeles and New York, as well as in other cities. Along with other appraisals of diamonds, such as GIA diamond rings and IGI appraisals, EGL loose diamond certifications are recognized in every country of the world. This appraisal institute is recognized as the moist prestigious appraisal organization in the world because of the methods it has developed for scrutinizing diamonds.
For example, this was the first appraisal lab to be able to analyze diamonds weighing less than one carat. Since one carat is equivalent to 1/5 of one gram, this is indeed a very small stone. It was also responsible for developing the S13 designation for diamond clarity. In evaluating EGL loose diamonds, a team of expert gemologists looks at each diamond using a series of comprehensive tests. The first part of the appraisal process involves weighing and measuring the diamond.
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The EGL, which stands for European Gemological Society, is an internationally recognized appraiser of loose diamonds. When you purchase a diamond, either loose or set in a piece of jewelry, that is accompanied by certification from EGL loose diamonds, you can be assured that the carat, cut, clarity and color of the diamond has been assessed by a team of eight professionals.
This is the standard set in the EGL laboratories in Antwerp, Belgium, and in Los Angeles and New York, as well as in other cities. Along with other appraisals of diamonds, such as GIA diamond rings and IGI appraisals, EGL loose diamond certifications are recognized in every country of the world. This appraisal institute is recognized as the moist prestigious appraisal organization in the world because of the methods it has developed for scrutinizing diamonds.
For example, this was the first appraisal lab to be able to analyze diamonds weighing less than one carat. Since one carat is equivalent to 1/5 of one gram, this is indeed a very small stone. It was also responsible for developing the S13 designation for diamond clarity. In evaluating EGL loose diamonds, a team of expert gemologists looks at each diamond using a series of comprehensive tests. The first part of the appraisal process involves weighing and measuring the diamond.
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