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Uhh.HVCC has a little problem.

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Tawfik Ahdab, Jan 22, 2009.

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  1. Tawfik Ahdab

    Tawfik Ahdab Senior Member

    2
    Feb 19, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Oregon
    http://www.appraisalinstitute.org/ano/current.aspx?volume=9+&numbr=11/12

    Credit to Terry Rohrer for posting this in another forum.

    "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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    "The FDIC said that the Code and Agreements “would overlay this long-standing set of federal regulations and professional appraiser practice” potentially with “unintended costs and consequences.” Specifically, since both bank-affiliated and independent appraisal firms can be subject to undue influence, according to the FDIC, “it is not clear that forcing business along rigid organizational demarcations is more suitable.”

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    "The four other regulators stated that, if not withdrawn, “the Agreements and Code should be revised to exempt federally regulated lenders, and the implementation of the Agreements and Code should be deferred until the significantly adverse consequences are prevented and other material legal and policy concerns… are satisfactorily addressed.”
     
  2. Randolph Kinney

    Randolph Kinney Elite Member
    Gold Supporting Member

    82
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
  3. TXCBoy36

    TXCBoy36 Junior Member

    0
    Oct 3, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Would make my day.....they have too much of this SO-CALLED agreement in the dark...I have spoken to alot of my clients and they have no odea how things will be in 4 months.....this deal needs to die!!
     
  4. CANative

    CANative Elite Member

    168
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Apparently they've had the wrong address for some time. They think appraiser influence and coercion is a simple matter of the appraiser just saying no to blatant demands for issuing a dishonest appraisal.

    The HVCC should not be implemented until appraisal management companies are regulated.
     
  5. TXCBoy36

    TXCBoy36 Junior Member

    0
    Oct 3, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    I Completely Agree!

    I completely agree......there are regulations that make the AMC's responsible for their choices and/or decisions.....it is a mess....

    John:new_smile-l:
     
  6. emad rayyan

    emad rayyan New Member

    0
    Nov 1, 2006
    Professional Status:
    Licensed Appraiser
    State:
    California
    SIMPLE answer. Have all appraisals get reviewed with an AMC drive by.
     
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