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HVCC not in effect 01/01/09

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VolcanoLvr

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Senior Member
Joined
Oct 30, 2003
Professional Status
Certified Residential Appraiser
State
Washington
Appraisers............

I read lots of 'stuff' relating to this profession, from a variety of sources.

This was posted on 9/17/08 in the TMP Informer, an e-mail 'blog' of The Mortgage Press:

Fannie Mae Single Family Provides Home Valuation Code of Conduct Update

Dated: Received: Posted:
9/12/2008 9/12/2008 9/12/2008

Provides an update to lenders on the status of the Home Valuation Code of Conduct (the "Code"). On March 3, 2008, Fannie Mae entered into an agreement (the "Agreement") with the New York State Attorney General and the Office of Federal Housing Enterprise Oversight (OFHEO), now known as the Federal Housing Finance Agency (FHFA) to enhance appraisal practices. As part of the Agreement, Fannie Mae agreed to adopt the Code created by the Attorney General's Office and OFHEO. At this time, discussions continue among all parties to finalize amendments to the Code. Fannie Mae will communicate the final version of the Code as soon as it becomes available. Implementation of the Code on January 1, 2009 will not be required.




I added the bold and RED typefaces to the announcement.
 

OSU Beavers

Elite Member
Joined
Jan 10, 2007
Professional Status
Licensed Appraiser
State
Oregon
Says who? The Mortgage Press Informer?
 

VolcanoLvr

Thread Starter
Senior Member
Joined
Oct 30, 2003
Professional Status
Certified Residential Appraiser
State
Washington
The Mortgage Press is a well known industry information source for the Mortgage Loan industry. They report on a variety of topics relating to mortgages, FHA, HUD, VA, state law updates, etc.

Anyone can 'subscribe' to their TMP Informer e-mailed updates.

They are a provider of the ALLREGS service that updates various gov't mandated agency changes to the industry.

www.MortgagePress.com
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
http://appraisersforum.com/showthread.php?t=144860

http://rds.yahoo.com/_ylt=A0geu49VVNJI03QBjhxXNyoA;_ylu=X3oDMTBybnZlZnRlBHNlYwNzcgRwb3MDMQRjb2xvA2FjMgR2dGlkAw--/SIG=123598jri/EXP=1221830101/**http%3a//www.nationalmortgagenews.com/washington/


FHFA Sees Progress in Appraisal Reform Talks September 16, 2008

Discussions between the New York attorney general, Fannie Mae, and Freddie Mac on appraisals reforms are continuing and "progress is bring made," according to Alfred Pollard, general counsel of the Federal Housing Finance Agency.

The appraisal reforms announced by AG Andrew Cuomo, Fannie, Freddie, and the GSE regulator in March have already gone through a comment period that generated a very hostile response from industry groups and federal banking regulators. "Fannie and Freddie have reviewed the comments," Mr. Pollard told a Mortgage Bankers Association compliance conference. "They have done a very good job of looking at them and making changes that would be merited." Nevertheless, discussions with the New York AG's office are continuing. "The best I can tell you now is that progress is being made," FHFA official said.
 

Xiaomei Zhu

Freshman Member
Joined
Jul 22, 2004
Professional Status
Certified Residential Appraiser
State
California
Even if HVCC won't be enforced in 1/1/2009 some lenders have already required appraisals from AMC. One of my clients told me Flagstar only accepts appraisals from five AMCs and he asked to get on those lists. That's very sad.
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
Even if HVCC won't be enforced in 1/1/2009 some lenders have already required appraisals from AMC. One of my clients told me Flagstar only accepts appraisals from five AMCs and he asked to get on those lists. That's very sad.
I wonder who it was that called me today representing themselves as Flagstar Bank, and ordering an appraisial??
 
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