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ServiceLink Unveils HVCC Appraiser Tool

Coraopolis, Pennsylvania-based ""ServiceLink"":http://www.servicelinkfnf.com, a provider of origination and default services and the national mortgage services platform of ""Fidelity National Financial"":http://www.fnf.com, has launched their Appraiser Panel Management (APM) product line.
The company explained that APM enables mortgage lenders to leverage ServiceLink’s experienced management staff and technologies to certify their compliance with the Home Valuation Code of Conduct (HVCC), while continuing to leverage the lender’s own experienced appraiser panel.
HVCC is a new code of conduct mandated by the federal government for all mortgages purchased by the GSEs Fannie Mae and Freddie Mac, and is scheduled to take effect May 1, 2009. The code regulates the valuation process by requiring loan officers and realtors to submit appraisal requests for these conventional loans through an intermediary appraisal management company (AMC). The AMC will then randomly select an appraiser to perform the property valuation.
Jeff Coury, president and CEO of ServiceLink, explained, ""The intent of our APM product is to provide lenders with an appraisal valuation solution that fully complies with the HVCC, while not forcing the lender to abandon the individual appraiser relationships that they have developed over years of trusted service. This process has allowed our participating lenders to realize reductions in end-to-end processing, improvements to their borrower’s experience, and enhancements to their quality control processes, all while providing technology solutions to their existing panel of appraisers.""
ServiceLink’s APM solution allows the lender to upload their trusted panel of appraisers (including all of the required parameters such as license type and other state certifications, performance expectations, market experience, product experience, etc.) into a lender-specific instance of the company's Vision software, which is fully managed and operated by ServiceLink. All appraisal management processes including lender contact, borrower contact, appraiser contact, performance evaluation, transaction payment, and quality control reviews are performed by a lender-focused group within ServiceLink.
Coury said, ""In today's market, lenders face increasing regulatory oversight regarding their appraisal management practices. Lenders that continue to internally manage and fulfill their appraisal needs via their own network of appraisers are faced with additional risks, operating costs, and administrative burdens.""
Coury added, ""Our program is HVCC-compliant and provides for the active management of the lender's appraisal panel, including reporting on metrics related to individual appraiser's quality and service levels, while eliminating the lender's administrative demands of appraisal underwriting, appraiser invoice payment, and 1099 reporting.""
""ServiceLink"":http://www.servicelinkfnf.com is licensed to operate in all 50 states and services eight of the top ten lenders in the nation. It is an operating division of all of the ""Fidelity National Title Group"":http://www.fntg.com underwriters that include: Chicago Title Insurance Company; Fidelity National Title Insurance Company; Ticor Title Insurance Company; Security Union Title Insurance Company, Alamo Title Insurance, Lawyers Title Insurance Corporation, Commonwealth Land Title Insurance Company, and United Capital Title Insurance Company.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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