HVCC AND FHA COMPLIANCE

Quality Control - HVCC Compliance

Service 1st has access to roughly 15,000 vendors in 50 states. This is our current ordering process.


Order is assigned tot he best available appraiser and abstractor based on the following criteria using ValuNet XSP
  • Meets Quality Grade
  • Meets Performance Grade
  • Sufficient Capacity (Capacity is based on number of associates and assigned a per day capacity)
  • Performs appraisals and has data for the subjects area (Primary Area)(for appraisal products)
  • License information (if applicable) and errors and omissions coverage is current
All of the above must be met before the following are considered:
  • Price
  • Secondary coverage
Products requiring pricing quotes (unique and/or rural) will meet the above criteria and:
  • We will obtain a minimum of 3 quotes from vendors in subject area
  • We will deliver a quote to you with a committed delivery date within 4 business hours
Service 1st has established the following process for Quality Control. Each appraisal report is reviewed to the following standards:
  • FHLMC Standards as defined by MRI's Underwriting Guidelines for Eligibility Requirements
  • FNMA Standards as defined by MRI's Underwriting Guidelines for Eligibility Requirements
  • FHA orders:Follow standards as defined by MRI's Underwriting Guidelines for Eligibility Requirements
  • Any additional client specific requirements
  • Performing appraisers' license is included writing the report
  • Appraiser License is searched through the state issuing agency for any pending or recent negative activity including revocation or pending disciplinary action.
Quality Control Services
  • Service 1st will manage all communication regarding underwriting stipulations or additional addendums that need to be obtained from the appraiser.
  • Service 1st can conduct a conference call with an appraiser in conjunction with a Lender operations or underwriting contact regarding appraiser report issues if requested.
  • Value conclusion disputes will be addressed with justified support of additional comparable properties or similar valuation information. Service 1st requires value conclusion dispute discussions originate from appraisal underwriting/operations to comply with HVCC guidelines.
  • Any appraiser we whose conduct or work has been deemed unsatisfactory by Service 1st will be eliminated from the list of approved vendors considered for the area.