Pro-Teck Delivers HVCC-Compliance

Waltham, Massachusetts-based ""Pro-Teck Valuation Services"":http://pro-teck.com/ announced Monday that its home mortgage appraisal services are fully compliant with the new Home Valuation Code of Conduct (HVCC), which takes effect May 1.
HVCC regulates the valuation process for all home loans that may be purchased by government-backed financiers ""Fannie Mae"":https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/appcode/pdf/hvcc.pdf and ""Freddie Mac"":http://www.freddiemac.com/singlefamily/home_valuation.html. The code is meant to minimize the risk assumed by the GSEs by ensuring that all property valuations are performed by an independent appraiser with no affiliation to the lender.
Asked about the current HVCC status of Pro-Teck’s clients, Ed Hunter, executive director at Pro-Teck stated, ""While the HVCC is not complicated, there are a number of processes, assurances, and requirements that can make compliance problematic. The appraisal management services we offer are configured to specifically address the HVCC needs of individual clients.""
Hunter added that as of Monday, April 20, nearly a full two weeks before the May 1 deadline, all Pro-Teck clients can be assured that they meet the new HVCC requirements.
According to Pro-Teck, though, being compliant is only part of the requirement - the ability to demonstrate and certify that the appraisal process satisfies HVCC standards is equally important, the company said. As a result, every Pro-Teck client receives a compliance validation of the company's process.
In addition, Pro-Teck has consulted with its clients on internal processes to support the HVCC initiative. The company explained that key areas addressed through this collaboration include appraisal portability, appraisal objectivity, communication, compensation, and documentation of compliance.