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HVCC, Fannie & Freddie The final word

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Chris Colston, Jan 23, 2009.

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  1. Chris Colston

    Chris Colston Elite Member

    0
    Jul 24, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Ok everyone, here it is. Effective 5/1/2009. The following should keep you busy reading and posting. It is actually quite interesting reading and some of the rumors and myths have been solved. Mortgage brokers are not going to be happy. Also from what I'm reading, no more CASH AT THE DOOR.
     

    Attached Files:

  2. Riick

    Riick Elite Member

    23
    Aug 14, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Delaware
    It's not final untill the fat lady sings.
     
  3. Jonsey

    Jonsey Member

    0
    Feb 24, 2007
    Professional Status:
    Appraiser Trainee
    State:
    Florida
    1. It's NOT OVER, till it's OVER and written in stone tablets brought down from the mount.

    2. None of the rumors and myths have been solved.

    3. Neither mortgage brokers nor 4 of the 5 banking regulators are h a p p y.

    Last Updated: January 21, 2009

    [FONT=Arial, Helvetica, sans-serif]Bank Regulators Elevate Preemption Threat of Home Valuation Code of Conduct
    [FONT=Arial, Helvetica, sans-serif] Four of the five federal bank regulators have called for the withdrawal of the Home Valuation Code of Conduct and the Home Valuation Protection Program and Cooperation Agreements saying they could “unnecessarily undermine the safe and sound extension of mortgage credit, reduce the availability of mortgage credit to many consumers, and ultimately lead to less reliability and accuracy in real estate appraisals.” The agreements, entered into by the New York Attorney General, Fannie Mae, Freddie Mac and the Office of Federal Housing Enterprise Oversight, require mortgage lenders seeking to sell single-family mortgage loans to the GSEs to adopt the HVCC and to comply with certain practices imposed by the Code. In a joint letter, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Office of Thrift Supervision, and National Credit Union Administration cited concerns of insufficient information collection and analysis and the fact that the Agencies’ rules already address the issues of appraiser independence and protection from coercion.
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    Last edited: Jan 23, 2009
  4. Chris Colston

    Chris Colston Elite Member

    0
    Jul 24, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Like that's been working all this time! :shrug: Who is enforcing the agencies' so called rules?
     
  5. Jonsey

    Jonsey Member

    0
    Feb 24, 2007
    Professional Status:
    Appraiser Trainee
    State:
    Florida
    [FONT=Arial, Helvetica, sans-serif]

    Kiss May 1 HVCC enforcement goodbye.



    [/FONT][FONT=Arial, Helvetica, sans-serif]Kiss May 1 HVCC implementation goodbye. [/FONT]
     
  6. Randolph Kinney

    Randolph Kinney Elite Member
    Gold Supporting Member

    32
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Lenders and AMCs pretty much do what they want. The GSEs think they have control but they don't. If they did, they never would have agreed to the HVCC settlement. But they know they are a bunch of crooks and did not want their books examined by the NY AG for fraud and still don't.

    It is going to be the courts to decide as well as other regulatory bodies as to who has to participate under the HVCC.

    FHA is already exempt. If that turns out to be the significant volume, you can bet that FHFA will revoke the HVCC requirement.
     
  7. Hutch Hutchcraft

    Hutch Hutchcraft New Member

    0
    Oct 5, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Confidence level with anything the government does = ZILCH!
    Anybody with the gonads to go after the NY AG for stirring this up?
     
  8. Midwest1

    Midwest1 Sophomore Member

    0
    Jan 25, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Yes. the national association of mortgage brokers. too bad no appraisal orgainization will do a damn thing.

    www.namb.org
     
  9. Summer

    Summer Member

    0
    Jan 2, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Connecticut
    I don't see where you can't collect COD at the door.
     
  10. mike32716

    mike32716 Junior Member

    0
    Jan 23, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    It's in the HVCC.

    Regardless of the probability of the HVCC most large lenders have or are instituting firewalls between appraisers and LO's. The writing is on the wall...
     
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