January 12, 2009

Ron Frazier, President of LSI, issued the following statement today recognizing the completed Home Valuation Code of Conduct.

“We have reviewed the final version of the Code of Conduct and are comfortable with the outcome. The results were well measured and the level of expectation that has been set within the appraisal industry is reasonable and should be attainable for all participants. In addition to the USPAP standards that have set the regulatory framework for all of us in the industry, the code will serve as a dominant reminder that the industry is required to stay focused on the key principals of the appraisal process – specifically, quality of the appraisal and independence of the appraiser.”

“LSI is fully prepared today to meet the specifications within the Code of Conduct. We are also working with our constituents, including LSI’s clients, the Government Sponsored Enterprises and the appraiser community to ensure that all participating parties are fully aware of the new terms and have put into motion those specific actions necessary to abide by this set of principals.”

“LSI is very proud of its history of Appraiser Independence and Quality. The infrastructure that exists within LSI provides everyone involved in a loan transaction with a meaningful level of assurance. Many of these infrastructure related capabilities go unnoticed by most, but are crucial to the integrity of the process nonetheless. Service and capabilities such as: Business Continuity Planning, Disaster Recovery, appraisal Representations and Warranties, externally audited financial statements, the management of appraiser qualifications & licensing and SAS 70 Type II data security compliance all ultimately provide the American consumer, tax payer and lender a high quality, low risk and consistent, objective performance.”

If you have questions about LSI or our support of the Code of Conduct, please call Mark Johnson at 949-622-4640.

If you are a broker and want to be set up with LSI, please click here and complete the requested information for a new account. If you are an appraiser and want to be set up with LSI, please email sm@lsi-lps.com or call (800) 722-0300 and ask for the Supplier Management Department.