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HVCC - Revised 12/2008 - Official Version

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by PL1957, Dec 23, 2008.

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  1. PL1957

    PL1957 Senior Member

    25
    Jul 19, 2004
    Professional Status:
    Certified General Appraiser
    State:
    Illinois
    Fannie, Freddie Reach New Appraisal Accord With Cuomo

    Anybody have any idea what this means?

    http://www.bloomberg.com/apps/news?pid=20601087&sid=aigOzG8hq6YM&refer=home

     
  2. TJSum

    TJSum Elite Member

    4
    Nov 12, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    STATEMENT FROM ATTORNEY GENERAL ANDREW M. CUOMO ON AGREEMENT WITH FANNIE MAE AND FREDDIE MAC ON THE HOME VALUATION CODE OF CONDUCT


    "This revised agreement with Fannie Mae and Freddie Mac is a step forward: it preserves the core goals of ensuring appraiser independence and eliminating systemic conflicts of interest. It also incorporates common-sense suggestions of industry participants that increase flexibility and efficiency. Under this agreement, Fannie and Freddie commit to purchasing only those loans that are supported by appraisals conducted independently and honestly. Erecting and enforcing meaningful firewalls between appraisers and lenders, and forcing Fannie and Freddie to stop working with unscrupulous lenders and brokers, are key steps in cleaning up the mortgage industry and avoiding another crisis like this in the future. My office looks forward to working with the new Administration in making more reforms to the system in the New Year."




    My red above, I'll give you all three guesses on what that "firewall" means...
     
  3. Joe Booth

    Joe Booth Junior Member

    0
    Oct 16, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    There is an e-mail link at the bottom of the article. I used it.

    "Unfortunately the Appraisal Management Companies will compel all of the competent Appraisers to find another profession while leaving the incompetent Appraisers working for less than half of our full fee, submitting poor and misleading reports. I don’t have a problem with distancing myself from the Loan Officers and Brokers, which is a good thing. I have a real issue with the huge fee reduction we face."

    I recommend voicing your own concerns whenever and where ever possible.
     
  4. Joe Booth

    Joe Booth Junior Member

    0
    Oct 16, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    She replied immediately:

    "Oh yeah. Heard it lots. You are not alone in your feelings. "
     
  5. Couch Potato

    Couch Potato Elite Member

    0
    Mar 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Rather than guess, I think I will wait until I have a chance to read it before passing any judgement. I'm funny that way. I like to do research first, and then form conclusions rather than the other way around. :new_all_coholic:
     
  6. Pamela Crowley (Florida)

    Pamela Crowley (Florida) Elite Member

    3
    Jan 13, 2002
    Professional Status:
    Retired Appraiser
    State:
    Florida
  7. Jan Roseberry

    Jan Roseberry Senior Member

    3
    Sep 25, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Ohio
  8. ghrousseau

    ghrousseau Member

    0
    May 5, 2006
    Professional Status:
    Licensed Appraiser
    State:
    Virginia
    Revised Freddie Mac Code of Conduct

    Hot of the presses from my source:

    http://www.freddiemac.com/singlefamily/pdf/122308_valuationcodeofconduct.pdf


    May 1, 2009 looks like the new implementation date for compliance for all lenders selling to Freddie Mac


    I think everyone in the lending community is going to digest it for a while. 5 months is a long time away, and plenty of time for lawsuits and modifications by the new administration.

    FYI


    MODS if you want to combine with Pam's post that is fine. Looks like she beat me to it.
     
    Last edited: Dec 23, 2008
  9. Michigan CG

    Michigan CG Moderator Staff Member Moderator

    328
    Nov 1, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Michigan
    Four threads merged.
     
  10. Dan/Fla

    Dan/Fla Member

    0
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    HVCC May 1, 2009

    Happy New year HVCC goes in effect May 1, 2009----Please someone tell me I read it wrong.. It looks like the AMC wins.... I am sure that they will do their best to Lower the Appraiser's fees and pad their pockets.. Can anyone see $125 for URAR.. since they will become the only game in town.. No need to market for clients. HAPPY NEW YEAR
     
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