Ellie Offers New Appraisal Compliance Software

Mortgage loan processing software provider Ellie Mae has introduced a new software program to help mortgage bankers and brokers comply with the new 'Home Valuation Code of Conduct' rules that go into effect May 1.All loans sold to Fannie Mae and Freddie Mac must comply with the new appraisal code that prohibits loan officers and mortgage brokers from selecting appraisers. The Pleasanton, Calif. company says its new HVCC-compliant appraisal services program will allow users to control which staff members can electronically order appraisals and create rules on property location and loan type. The Home Valuation Code of Conduct guidelines will require mortgage professionals to change the way they do business with appraisers, said Ellie Mae's senior vice president, Richard Roof. After May 1, originators who fail to comply with the HVCC may face penalties, the inability to sell loans, or in the case of brokers, be unable to submit their loan applications to wholesalers.