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Apppraisers upset by new federal law

Discussion in 'Oregon' started by The Dog, May 2, 2009.

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  1. The Dog

    The Dog Senior Member

    0
    Apr 18, 2005
    Professional Status:
    Certified General Appraiser
    State:
    Oregon
    Maybe it is finally being noticed. Unfortunately, the report left a lot out, but it is a beginning to see that they are recognizing a problem exists.

    "But a new federal law that went into effect Friday isn’t fixing the problem, only exacerbating it, local appraisers say. Known as the Home Valuation
    Code of Conduct — or HVCC for short — the law is intended to reduce bias in the appraisal process by forbidding loan companies to contact appraisers directly."


    Rest at http://web.thedailycourier.com/eedition/index.html?pg=B6&py=2009&pm=05&pd=02&pb=0
     
  2. Tom Woolford

    Tom Woolford Elite Member

    94
    Nov 20, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    I'm still wondering why everyone refers to the HVCC as a Law. I don't believe the federal government had anything to do with it. At this point its nothing but a supplemental requirement.
     
  3. RSW

    RSW Elite Member

    112
    Feb 18, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    Dog, the HVCC is not a law. It is an agreement between Fannie Mae, Freddie mac and the NY Attorney General that effects all of us. Now, get your information straight. This has been going on for a long time now.
     
  4. The Dog

    The Dog Senior Member

    0
    Apr 18, 2005
    Professional Status:
    Certified General Appraiser
    State:
    Oregon
    I DID NOT SAY IT IS. The paper printed it as such. The threat is simply a copy of the headline in the paper. I have no control, simply reporting what they printed.

    FYI, it is a really hard sell to tell the small local banks that it is NOT law. To them, it is, especially those that resell on the secondary.
     
  5. Mike Kennedy

    Mike Kennedy Elite Member

    445
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    it is a really hard sell to tell the small local banks that it is NOT law.

    Send em a link and invite them to Join the Forum and get the correct facts. Also remind 'em .........provision one in the HVPA continues to empower Lenders, when selling loans to F & F, to ................


    ORDER APPRAISALS DIRECTLY.


    ........might also refer them to the "SMALL BANK" exclusion provision, and remind them their PORTFOLIO loans are NOT affected by the NON-LAW, agreement between NYAG & the GSES.

    Further suggest contacting the local "small bankers / community bankers" association and offer to give a half hour HVCC/HVPA mini-seminar with handouts ..........at their next MONTHLY luncheon or Meeting. (bring lots of buz cards).
     
  6. RSW

    RSW Elite Member

    112
    Feb 18, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    My Bad! I just hate it when someone gets on here without the facts. I understand your OP now. Sorry!
     
  7. OSU Beavers

    OSU Beavers Elite Member

    25
    Jan 10, 2007
    Professional Status:
    Licensed Appraiser
    State:
    Oregon
    Our "small local banks" only give business to the appraiser who buys the bank president drinks every Friday or golfs with him on Sundays. I don't do either so if HVCC will get me back on the rotation, I am all for it.
     
  8. Oregon Doug

    Oregon Doug Senior Member

    0
    Jan 15, 2002
    Professional Status:
    General Public
    State:
    Oregon
    The new Federal Law? Must have happened during my afternoon nap - happens to us old folk, or, maybe a little misunderstanding by the Grass Pants press.

    Oregon Doug
     
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