5 January 2010 ? The Department of Housing and Urban Development has recently sent out revisions to the 4155 manual ? the bible for underwriters. HUD appears to be seeing the light on problems associated with the HVCC regulations and the impact HVCC has caused throughout the real estate industry. One revision in particular states that the “LENDER” is responsible for collecting and paying all fees, including the appraiser. The AMC or appraisal companies are not mentioned in this revision. This revision signals a trend toward reverting back to how the system operated before HVCC. A second interesting revision notes that when transferring an appraisal from one lender to the next, the appraisal does not have to be in the name of the new lender. This revision was added to protect the client from long closing delays. Could this be the beginning of the end for HVCC?Email This Post To a Friend.
HUD Revises 4155 Manual – HVCC Regulations Challenged
January 5, 2010
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