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Home Loans FAQs


What does the appraisal process entail?

As a result of the Home Valuation Code of Conduct (HVCC) that was adopted in early 2009, a property appraisal can no longer be ordered by anyone directly involved in the origination of a mortgage application. This is done to ensure that any final value in the appraisal will not be improperly influenced by any parties involved in the origination of the loan.

North Island Credit Union will order, for both purchasing and refinancing properties, an appraisal through an independent Appraisal Management Company.

Appraisals must be paid up front by the member, via Visa/ MasterCard or through direct withdrawal from the member's NICU checking or savings account.

A copy of the appraisal will be provided to you. No refunds will be given once the appraisal has been ordered.

In today's market, and at the underwriter's discretion, an Appraisal Review is common. An Appraisal Review, if required, must also be paid up front and no refunds will be given once it has been ordered.