Culver City, California-based ValuFinders, Inc., is promoting the flexibility of its Web-based Appraisal CONCIERGE appraisal ordering system in light of recent discussions about the Office of Federal Housing Enterprise Oversight (OFHEO) and the government-sponsored enterprises (GSEs) adopting a new appraisal code of conduct.

The appraisal code is the brainchild of an agreement that OFHEO and the GSEs made with the New York Attorney General’s office. If put into effect, the Code will prevent Fannie Mae and Freddie Mac from purchasing loans from lenders who do not comply with the new appraisal guidelines. While discussions continue about whether the changes will be made, ValuFinders says either way Appraisal CONCIERGE will be able to meet the needs of customers.
“Existing Appraiser CONCIERGE features include the random selection of an appraiser, appraiser independence, monitored communications and free automatic delivery of the appraisal report to the borrower, which are requirements according to the proposed Code of Conduct,” said Joe Williams, president and chief executive officer of ValuFinders. “We developed Appraiser CONCIERGE two years ago to allow the ordering party to either select an appraiser from a pool of their approved appraisers, or to have the system randomly select someone from a list of qualified appraisers. So, while there may still be some modifications to the Fannie and Freddie requirements, Appraiser CONCIERGE is in position to perform in any environment the Code ultimately dictates.”