Appraiser Independence Policy and Procedures

Description

The Appraiser Independence Policy and Procedures explains the Home Valuation Code of Conduct (HVCC) and the Appraiser Independence Rule (AIR) key areas of compliance critical for a mortgage company to adhere to the regulations.  The policy defines specific procedures designed to ensure that appraisals are conducted independently and in full compliance with established standards.

The policy outlines every stage of the appraisal process, including, ordering, reviewing, and disputing an appraisal when necessary. It also details the quality control measures a mortgage company should implement when working with an Appraisal Management Company (AMC).

Additionally, the policy identifies unacceptable appraisal practices by both the mortgage company and appraiser and provides corrective actions to address those issues.