StreetLinks Updates Warranty to Comply with New Fannie Mae Appraisal Regulations

INDIANAPOLIS, July 12 /PRNewswire/ -- StreetLinks National Appraisal Services, LLC (StreetLinks) has responded to Fannie Mae's announcement regarding  appraiser selection and competency criteria by revising its exclusive and comprehensive "Warranty of Appraisal Quality" which is provided to lenders for appraisals ordered through StreetLinks. Fannie Mae's announcement (SEL-2010-09, June 30, 2010) specifies lender responsibility and liability regarding appraiser selection criteria, regardless if the selection is performed by a third-party appraisal management company.  StreetLinks' revised "Warranty of Appraisal Quality and Appraiser Competency" provides additional assurance to lenders inclusive of Fannie Mae's appraiser selection criteria mandates.

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"Now that Fannie Mae has clarified that the liability for appraiser selection and competency rests solely on the lender's shoulders, all lenders should give careful consideration to AMC models that might maximize profit to the detriment of geographic proximity and report quality," explained Tony Ebeyer, StreetLinks COO.  "Appraiser proximity, geo-competency and appraisal report quality have always been StreetLinks' most heavily considered factors in our order assignment methodology – regardless of the impact on margin and turn-time."

"Fannie has officially placed the burden on the lender for compliance with best practice appraisal assignment.  As such, lenders should carefully scrutinize the appraiser selection and assignment methodology used by their AMC or in-house appraisal management solution," said Steve Haslam, StreetLinks CEO. "Everything in the new Fannie Mae regulations has always been at the core of our business model which provides the highest quality appraisal reports in the industry.  Lenders can be assured that our appraiser selection and assignment methodology, backed by our warranty, is compliant with Fannie's requirements."

StreetLinks provides appraisals nationwide that are fully compliant with FHA, HVCC, Fannie, Freddie and all other current regulations. An innovator in the appraisal management marketplace with its industry-first Certificate of Compliance and TILA-Trigger™ technology, StreetLinks manually pre-underwrites every appraisal for compliance with lender guidelines.

Additional information is available at www.streetlinks.com or by calling 1(800) 778-4788.

About StreetLinks:

StreetLinks National Appraisal Services is a real estate appraisal management company that provides nationwide real estate valuation services to lenders and other mortgage origination firms.  The company specializes in providing comprehensive valuation solutions that provide its clients the ability to engage StreetLinks for all real estate appraisal-related procurement, management, accounting, tracking and reporting functions.  StreetLinks operates under a "Non-Influence" methodology which maintains the anonymity of the appraiser from the originating firm, providing StreetLinks clients the assurance of compliance with FHA, HVCC and all other existing and proposed regulation/legislation surrounding the collateral valuation process as well as promoting enhanced portfolio performance as a result of appraiser independence and impartiality.

SOURCE StreetLinks National Appraisal Services