US Appraisal Group Integrates with Ellie Mae’s Encompass Mortgage Management Solution to Offer HVCC-Compliant Appraisal Services

US Appraisal Group, Inc., a leading provider of residential and commercial real estate appraisals and valuation products, AVMs, and BPOs, has integrated with Ellie Mae‘s Encompass Mortgage Management Solution, which utilizes ePASS technology to deliver HVCC-Compliant Appraisals to mortgage origination clients. By integrating with Encompass and participating in Ellie Mae’s Encompass Appraiser Directory, US Appraisal Group is providing its clients that use Encompass a way to fully comply with the Home Valuation Code of Conduct (HVCC) that goes into effect on May 1, 2009.

The Home Valuation Code of Conduct was established by Fannie Mae, Freddie Mac and the Federal Housing Finance Agency (formerly OFHEO). In short, the HVCC sets forth a series of guidelines that govern appraisal-related activity among mortgage companies for loans that are sold to Fannie Mae and Freddie Mac, in an effort to reduce the risks associated with the appraisal process. Most of the HVCC’s stipulations are focused around ensuring objectivity in ordering real estate appraisals by brokers and correspondent lenders. Fannie Mae and Freddie Mac will not accept loans on or after May 1, 2009 that do not adhere to the Home Valuation Code of Conduct.

“The new Home Valuation Code of Conduct regulations which go into effect on May 1, 2009, require mortgage origination firms to ensure appraiser independence in the appraisal ordering process,” says US Appraisal Group’s Director, Dione N Spiteri. “Following May 1, any originators without compliant systems in place will be unable to sell loans to Fannie Mae or Freddie Mac.”

Ellie Mae’s network of Encompass users includes mortgage banker, broker and lender clients, who together originate more than 50 percent of the nation’s third-party origination loan volume, and 25 percent of the nation’s mortgages each year.

About US Appraisal Group, Inc.
US Appraisal Group is a leading provider of residential and commercial real estate appraisals and valuation products, AVMs, and BPOs software and services for the mortgage industry and non-lenders, offering customized appraisal solutions built with seamless technology. The company’s key offerings include commercial appraisal management, residential appraisal management, panel management, appraisal reviews, authorized resell of AVM products, and evaluation services. US Appraisal Group was founded in 2003 and is based in Chicago, Illinois. To learn more about US Appraisal Group, visit www.usappraisalgroup.com or call 888-580-USAG.