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  #1  
Old 05-02-2009, 03:49 PM
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Default Apppraisers upset by new federal law

Maybe it is finally being noticed. Unfortunately, the report left a lot out, but it is a beginning to see that they are recognizing a problem exists.

"But a new federal law that went into effect Friday isn’t fixing the problem, only exacerbating it, local appraisers say. Known as the Home Valuation
Code of Conduct — or HVCC for short — the law is intended to reduce bias in the appraisal process by forbidding loan companies to contact appraisers directly."


Rest at http://web.thedailycourier.com/eedit...=05&pd=02&pb=0
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Old 05-02-2009, 03:53 PM
Tom Woolford Tom Woolford is offline
 
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I'm still wondering why everyone refers to the HVCC as a Law. I don't believe the federal government had anything to do with it. At this point its nothing but a supplemental requirement.
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Old 05-02-2009, 06:19 PM
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Dog, the HVCC is not a law. It is an agreement between Fannie Mae, Freddie mac and the NY Attorney General that effects all of us. Now, get your information straight. This has been going on for a long time now.
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Old 05-02-2009, 07:32 PM
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Quote:
Originally Posted by RSW View Post
Dog, the HVCC is not a law. It is an agreement between Fannie Mae, Freddie mac and the NY Attorney General that effects all of us. Now, get your information straight. This has been going on for a long time now.
I DID NOT SAY IT IS. The paper printed it as such. The threat is simply a copy of the headline in the paper. I have no control, simply reporting what they printed.

FYI, it is a really hard sell to tell the small local banks that it is NOT law. To them, it is, especially those that resell on the secondary.
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Old 05-02-2009, 08:35 PM
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Mike Kennedy Mike Kennedy is offline
 
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it is a really hard sell to tell the small local banks that it is NOT law.

Send em a link and invite them to Join the Forum and get the correct facts. Also remind 'em .........provision one in the HVPA continues to empower Lenders, when selling loans to F & F, to ................


ORDER APPRAISALS DIRECTLY.


........might also refer them to the "SMALL BANK" exclusion provision, and remind them their PORTFOLIO loans are NOT affected by the NON-LAW, agreement between NYAG & the GSES.

Further suggest contacting the local "small bankers / community bankers" association and offer to give a half hour HVCC/HVPA mini-seminar with handouts ..........at their next MONTHLY luncheon or Meeting. (bring lots of buz cards).
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Old 05-02-2009, 10:44 PM
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Quote:
Originally Posted by The Dog View Post
I DID NOT SAY IT IS. The paper printed it as such. The threat is simply a copy of the headline in the paper. I have no control, simply reporting what they printed.

FYI, it is a really hard sell to tell the small local banks that it is NOT law. To them, it is, especially those that resell on the secondary.
My Bad! I just hate it when someone gets on here without the facts. I understand your OP now. Sorry!
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  #7  
Old 05-03-2009, 06:05 AM
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Our "small local banks" only give business to the appraiser who buys the bank president drinks every Friday or golfs with him on Sundays. I don't do either so if HVCC will get me back on the rotation, I am all for it.
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  #8  
Old 05-03-2009, 11:46 PM
Oregon Doug Oregon Doug is offline
 
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The new Federal Law? Must have happened during my afternoon nap - happens to us old folk, or, maybe a little misunderstanding by the Grass Pants press.

Oregon Doug
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