First In Series - Ivpi Q&a #1

[Mike Kennedy]

IVPI Proposal: Questions & Answers (first in a series)​

PREMISE: Home Valuation Protection Program March 3, 2008​

“

WHEREAS, the Attorney General’s investigations have evidenced bias in appraisal practices, and therefore new policies safeguarding appraisal independence and bona fide valuations must be established;​

WHEREAS, the Attorney General’s Office and OFHEO believe that this forward looking agreement will in no way prejudice any of the Attorney General’s ongoing investigations in the mortgage industry or OFHEO’s regulatory mandates but will provide appropriate and necessary

reforms and stability to the market.”

During the past 3 weeks, review of hundreds of AF postings, emails, private messages to all of the Organizational Committee Members..... were read, considered, discussed, and resulted in a consensus of the Core Issues addressed in this, the FIRST, Q&A based on the IVPI Proposal. The Committee assures readers, questions which have not been addressed in this Q&A are under review, consideration, and in-depth discussion on a daily basis. Subsequent Q&A's will address those concerns. ​

Please see the Attachment Below. ​

Thank you. ​

The IVPI Organizational Committee ​

​

 

[Caligirl]

Mr. Hatch, Ms. Crowley, Mr. Kennedy, Mr. Dodd and the rest, thank you all for your efforts. Consider me a supporter. I suggest ignoring the vocal naysayers profiting from the current system, they would be deriding anything that changes the status quo.

My sentiments exactly. I cannot imagine a better team.

Let me know if there is anything I can do to help.

 

[Hamlet]

I have just finished reading the Q&A...IMO it is excellent. I underdstand the worry that some feel about losing their client base, and it may seem so at first, but I really think the review process is not only fair, but will weed out the bad quickly.

I think both #1 and 2 are excellent as well. Who can argue that they do not want pressure? There would be zero pressure if the loan package is ordered through the IVPI and all communication from the appraiser to the lender is via the IVPI.

Number 2 I confess, was a concern because I like being paid, I admit. However, this is much better than risking the hassle of bouced checks or cashing at the BOO to make sure you get your moola!

Great job gals and guys!

 

[Mike Kennedy]

..........TY DJ

 

[Mike Kennedy]

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duplicate-oops

 

[Bearslide]

Just read the Q & A. Impressive!!

The more I read of this proposal, the better I like it.

A most excellent job done for all of us by the IVPI Committee. KUDOS

 

[Kevin Mc]

As long as AMCs are owned by national lenders the system is susceptible to corruption. 1% or 20%, it does not matter.

 

[Kevin Mc]

Now that I got to beat that drum one more time, thanks to all who are working so hard on this thing, your effforts are greatly appreciated.

 

[Wolverinefan]

How and when do we need to become a member of the IVPI panel?

 

[jnordquist]

I'm for the IVPI , will be better in the long run if it is accepted.

Anyone know what the Big AMC's are up to? I'm sure they are not just sitting around waitng for the change. Any good inside information?