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violations of the HVCC

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by avaziri, Feb 1, 2009.

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  1. avaziri

    avaziri New Member

    0
    Sep 11, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Indiana
    Can some one please let me know if an appraisal managment company reviews your apprasial and then suggest you review sales information in the area that they feel are better comparables?? Can I please get some feedback on this. Do they violate the HVCC

    Home valuation code of conduct

    #10 any other act or practice that impairs or attemps to impair an appraisers objectivity, or impartiality or violates law or regulation, including, but not limited to, Truth in lending Act and Regulation Z, or USPAP
    [​IMG]
     
  2. PropertyEconomics

    PropertyEconomics Elite Member

    0
    Jun 19, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico
    Since the HVCC has not taken effect, how they do business today may have no relation as to how they do business after May 1. Only time will tell, and at that point, a call to the hotline would be in order to get the answer to your question.
    At this point I would say, simply, no one knows as it is not a regulation and has not been inforced to this point.
     
  3. SmilingDog

    SmilingDog Member

    0
    Apr 22, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    PE, what's the hotline number???

    You don't mean the unemployment office? ;)
     
  4. avaziri

    avaziri New Member

    0
    Sep 11, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Indiana
    If not a violation of the HVCC is it "Undue Influence"
     
  5. PropertyEconomics

    PropertyEconomics Elite Member

    0
    Jun 19, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico

    They havent released the hotline number yet either ... again only time will tell .. it may never see the light of day .. at this point No One Really Knows!!

    And PS Dog .... the number to the unemployment office here .. according to news reports ... has just rang and rang for MONTHS!! No one answers.
     
  6. J Grant

    J Grant Elite Member

    Top Poster Of the Month

    112
    Dec 9, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Appraisers need to be proactive and alert your state board, state reps to congres,, the media, bank regulators and anyone else that might be of interested, that this is occuring., esp as the AMC has the power to simply not give work anymore to appraisers who are not cooperative re their "suggested better sales". The more this type of activity is out in the open, the more it lets people know how the large AMC's really operate, and how their business model is in direct opposition to what they purport to be about, a buffer between appraiser and lender, supposedly in compliance with the HVCC ( which has not passed yet, but AMC's are selling themelves to lenders as being in compliance, clearly they are not, under HVCC, the AMC is just one venue for appraisal ordering, the lenders can stil order themselves, just through non lender personel). l
     
  7. PropertyEconomics

    PropertyEconomics Elite Member

    0
    Jun 19, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico
    There is a question here that needs to be asked ... exactly WHO did the requests for additional data and information? The AMC or the underwriter? Is the underwriter working FOR the lender?
    This may not be an AMC problem but a lender problem.

    I believe in any event, I would send a copy of the request along with a very professionally written letter to the CEO of the lender .... it would be interesting to know if HE/SHE knows what is occurring. Of course if they do, you have lost a client. If they dont, you may have just started a trend.
     
  8. avaziri

    avaziri New Member

    0
    Sep 11, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Indiana
    They hang there hat and the reputation of the company on the fact that they are HVCC compliant.... then how can they suggest i use any sales... to let you know the sales the suggested i use are $70,000 higher than the appraised value????
     
  9. avaziri

    avaziri New Member

    0
    Sep 11, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Indiana
    The Cheif Corpporate Appraiser of the AMC ask me to review his sales
     
  10. PropertyEconomics

    PropertyEconomics Elite Member

    0
    Jun 19, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico

    I dont believe that is a violation .... pressure to use other sales may be ... but asking you to review other sales they have wouldnt be on its pure face.
     
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