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  #1  
Old 01-22-2009, 05:47 PM
Tawfik Ahdab's Avatar
Tawfik Ahdab Tawfik Ahdab is offline
 
Join Date: Feb 2003
Location: Central Oregon Coast
State: Oregon
Professional Status: Certified Residential Appraiser
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Default Uhh.HVCC has a little problem.

http://www.appraisalinstitute.org/an...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"The four other regulators stated that, if not withdrawn, “the Agreements and Code should be revised to exempt federally regulated lenders, and the implementation of the Agreements and Code should be deferred until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.”
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  #2  
Old 01-22-2009, 06:25 PM
Randolph Kinney Randolph Kinney is offline
 
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Location: SoCal
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Default

I hope to see it fail.
  #3  
Old 01-23-2009, 12:03 AM
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TXCBoy36 TXCBoy36 is offline
 
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Location: Highlands Ranch
State: Colorado
Professional Status: Certified Residential Appraiser
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Default

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  
Old 01-23-2009, 01:20 AM
CANative's Avatar
CANative CANative is online now
 
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Default

Quote:
the fact that the Agencies’ rules already address the issues of appraiser independence and protection from coercion."
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.
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  #5  
Old 01-23-2009, 01:24 AM
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TXCBoy36 TXCBoy36 is offline
 
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Default I Completely Agree!

Quote:
Originally Posted by Greg Boyd View Post
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.
I completely agree......there are regulations that make the AMC's responsible for their choices and/or decisions.....it is a mess....

John
  #6  
Old 01-23-2009, 02:22 AM
emad rayyan emad rayyan is offline
 
Join Date: Nov 2006
State: California
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SIMPLE answer. Have all appraisals get reviewed with an AMC drive by.
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