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Freddie Mac RE: New HVCC effective 5/1/09 "Clearinghouse?"

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KEVs77

Thread Starter
Freshman Member
Joined
Jun 17, 2008
Professional Status
Certified Residential Appraiser
State
Washington
Maybe someone in the know can help me out here. I read that all appraisal requests will go through a "clearing house." What exactly is this? Are they going to set up a federal agency to gather all appraiser's info and contact information? This seems ridiculous. What are the rest of you doing in anticipation for these changes? How do I get on this apparent list they will be using?
 
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dobie

Senior Member
Joined
Oct 26, 2003
Professional Status
Certified Residential Appraiser
State
New Jersey
Maybe someone in the know can help me out here. I read that all appraisal requests will go through a "clearinghouse." What exactly is this? Are they going to set up a federal agency to gather all appraiser's info and contact information? This seems ridiculous. What are the rest of you doing in anticipation for these changes? How do I get on this apparent list they will be using?


It would help if you told us where you read this. I've heard of no such "clearinghouse"
 

KEVs77

Thread Starter
Freshman Member
Joined
Jun 17, 2008
Professional Status
Certified Residential Appraiser
State
Washington
Sorry, I noticed it was in an email from "Loan Toolbox." One of those automated mortgage loan emails from one of my clients. I just realized that "clearing house" is not in the press release from FHFA. I have cut and pasted the email I received below if you want to look it over:



Fannie Mae and Freddie Mac Change the Appraisal Process


Freddie Mac and Fannie Mae will implement a revised Home Valuation Code of Conduct beginning May 1, 2009. In an attempt to increase the reliability of appraisals, the revised code builds on existing seller-servicer guidelines and will apply to lenders that sell single-family mortgage loans to Fannie Mae and Freddie Mac.
One major difference in the code is that lenders will be required to order appraisals from one central clearing house, which will in turn select an appraiser. The down side of such a process is that lenders will have little to no communication with the appraiser, which means there won't be an opportunity to have a discussion or touch base with appraisers before they go out to appraise the house. The new code is intended to help assure that borrowers, home buyers and secondary mortgage market investors receive fair and independent property valuations.
In some areas, lenders have already implemented these changes, and in the next few weeks and months, more will have to begin the process.
Additional Resources:
Federal Housing Finance Agency's News Release
Federal Housing Finance Agency's Home Valuation Code of Conduct



<img width="652" border="0" height="35">


We love hearing from you! To let us know how we are doing, write to: [email protected].

Have a great week!
The LoanToolbox Team

© 2009 Mortgage Success Source, LLC. All rights reserved.
 

Bama Bayou

Senior Member
Joined
Oct 19, 2006
Professional Status
Certified General Appraiser
State
Alabama
Sorry, I noticed it was in an email from "Loan Toolbox." One of those automated mortgage loan emails from one of my clients. I just realized that "clearing house" is not in the press release from FHFA. I have cut and pasted the email I received below if you want to look it over:



Fannie Mae and Freddie Mac Change the Appraisal Process


Freddie Mac and Fannie Mae will implement a revised Home Valuation Code of Conduct beginning May 1, 2009. In an attempt to increase the reliability of appraisals, the revised code builds on existing seller-servicer guidelines and will apply to lenders that sell single-family mortgage loans to Fannie Mae and Freddie Mac.
One major difference in the code is that lenders will be required to order appraisals from one central clearing house, which will in turn select an appraiser. The down side of such a process is that lenders will have little to no communication with the appraiser, which means there won't be an opportunity to have a discussion or touch base with appraisers before they go out to appraise the house. The new code is intended to help assure that borrowers, home buyers and secondary mortgage market investors receive fair and independent property valuations.
In some areas, lenders have already implemented these changes, and in the next few weeks and months, more will have to begin the process.
Additional Resources:
Federal Housing Finance Agency's News Release
Federal Housing Finance Agency's Home Valuation Code of Conduct



<img width="652" border="0" height="35">


We love hearing from you! To let us know how we are doing, write to: [email protected].

Have a great week!
The LoanToolbox Team

© 2009 Mortgage Success Source, LLC. All rights reserved.


My bold. That part is wrong. They have an ax to grind. One central "clearinghouse"? If that part is in the HVCC I've not noticed it.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Nope. It was one of the "legs" of the Dodd/Crowley Independent Valuation Protection Institute PROPOSAL.
 

Jo Stinett

Freshman Member
Joined
Nov 30, 2006
Professional Status
Certified Residential Appraiser
State
Colorado
Freddie Mac and Fannie Mae will implement a revised Home Valuation Code of Conduct beginning May 1, 2009. In an attempt to increase the reliability of appraisals, the revised code builds on existing seller-servicer guidelines and will apply to lenders that sell single-family mortgage loans to Fannie Mae and Freddie Mac.
One major difference in the code is that lenders will be required to order appraisals from one central clearing house, which will in turn select an appraiser. The down side of such a process is that lenders will have little to no communication with the appraiser, which means there won't be an opportunity to have a discussion or touch base with appraisers before they go out to appraise the house. The new code is intended to help assure that borrowers, home buyers and secondary mortgage market investors receive fair and independent property valuations.

In some areas, lenders have already implemented these changes, and in the next few weeks and months, more will have to begin the process.

Additional Resources:
Federal Housing Finance Agency's News Release
Federal Housing Finance Agency's Home Valuation Code of Conduct​


Just in from Colorado.....some Countrywide LO's are broadcasting this very same blurb. Unfortunately many will believe the part about one central clearing house without even bothering to read the links.

m2:
 
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