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  #1  
Old 12-23-2008, 02:58 PM
PL1957 PL1957 is offline
 
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Default Fannie, Freddie Reach New Appraisal Accord With Cuomo

Anybody have any idea what this means?

http://www.bloomberg.com/apps/news?p...6YM&refer=home

Quote:
Fannie Mae and Freddie Mac reached a new agreement with New York Attorney General Andrew Cuomo to ensure independent home appraisals, after eight months of public comment criticizing their original deal.

The mortgage lenders will purchase only those loans supported by appraisals “conducted independently and honestly,” Cuomo said in a statement today on his Web site.
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Old 12-23-2008, 03:24 PM
TJSum TJSum is offline
 
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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...
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  #3  
Old 12-23-2008, 03:31 PM
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Joe Booth Joe Booth is offline
 
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Default

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  
Old 12-23-2008, 03:33 PM
Joe Booth's Avatar
Joe Booth Joe Booth is offline
 
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Default

She replied immediately:

"Oh yeah. Heard it lots. You are not alone in your feelings. "
  #5  
Old 12-23-2008, 03:45 PM
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Couch Potato Couch Potato is offline
 
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State: North Carolina
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Default

Quote:
Originally Posted by TJSum View Post
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...
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.
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  #6  
Old 12-23-2008, 03:46 PM
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Pamela Crowley (Florida) Pamela Crowley (Florida) is offline
 
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Arrow HVCC - Revised 12/2008 - Official Version

http://www.freddiemac.com/singlefami...eofconduct.pdf


I was just informed that it's now available. I am about to read it.
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  #7  
Old 12-23-2008, 04:00 PM
Jan Roseberry Jan Roseberry is offline
 
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Location: Dover, Ohio
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Default Here's another link

I just read it, even printed to reread and use my red pen.

http://www.ofheo.gov/media/news%20re...CODE122308.pdf
  #8  
Old 12-23-2008, 04:02 PM
ghrousseau ghrousseau is offline
 
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Location: Virginia Beach, VA
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Default Revised Freddie Mac Code of Conduct

Hot of the presses from my source:

http://www.freddiemac.com/singlefami...eofconduct.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 by ghrousseau : 12-23-2008 at 04:03 PM. Reason: duplicate post
  #9  
Old 12-23-2008, 04:20 PM
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Michigan CG Michigan CG is offline
 
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Default

Four threads merged.
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  #10  
Old 12-23-2008, 04:27 PM
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Dan/Fla Dan/Fla is offline
 
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Default 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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