NAR Update: Fannie, Freddie Act on Appraisal Concerns

[SunbeltAppraisals]

As a direct result of my recent meetings with the New York Attorney General’s office, the Federal Housing Finance Agency, and Fannie Mae, both Freddie Mac and Fannie Mae this week issued new guidance to all lenders on the Home Valuation Code of Conduct.
The alert clarifies two very important points that we raised in our meetings with officials. First, it states that lenders should use appraisers who have clear experience in the geographic area. Second, it clarifies that appraisers are not prohibited from talking to real estate agents.

Although this is certainly a step in the right direction, more still needs to be done to address problems with the HVCC. NAR will continue to push for a moratorium on the Code, and I will continue to meet with industry partners and officials to convey our concerns.

Thanks to all REALTORS® who have shared experiences and concerns with us.

Once again, you have proven that we are the “Voice for Real Estate,” and I am proud to serve as your 2009 President.

Sincerely, Charles McMillan, CIPS, GRI
2009 NAR President

http://www.orlrealtor.com/Main/Main.asp?CategoryID=21&SubCategoryID=1053&


www.sunbeltappraisals.com

 

[OSU Beavers]

Thanks, now tell the Realtors. Yesterday I had a broker refuse to answer questions on sales concessions for fear of violating HVCC.

 

[Terrel L. Shields]

The sooner I can drop out of the NAR, the happier I will be. crooks. And Realtors here aren't worried about HVCC. They won't answer sales concession questions because the state Realtor Assoc. told them not to over privacy issues, not HVCC.

 

[smackodu]

As a direct result of my recent meetings with the New York Attorney General’s office, the Federal Housing Finance Agency, and Fannie Mae, both Freddie Mac and Fannie Mae this week issued new guidance to all lenders on the Home Valuation Code of Conduct.
The alert clarifies two very important points that we raised in our meetings with officials. First, it states that lenders should use appraisers who have clear experience in the geographic area. Second, it clarifies that appraisers are not prohibited from talking to real estate agents.

Although this is certainly a step in the right direction, more still needs to be done to address problems with the HVCC. NAR will continue to push for a moratorium on the Code, and I will continue to meet with industry partners and officials to convey our concerns.

Thanks to all REALTORS® who have shared experiences and concerns with us.

Once again, you have proven that we are the “Voice for Real Estate,” and I am proud to serve as your 2009 President.

Sincerely, Charles McMillan, CIPS, GRI
2009 NAR President

http://www.orlrealtor.com/Main/Main.asp?CategoryID=21&SubCategoryID=1053&


www.sunbeltappraisals.com

This sounds great! Everyone just acted like they did something. The realtors just had smoke blown up their collective butts.

Amazing how Mr. McMillan was able to get an audience with Cuomo, but all those IVPI complaints fall on deaf ears. This is why some folks want to join with big Unions so we appraisers can have clout. A real stupid move but I can understand why.