• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Hvcc

Status
Not open for further replies.

Trebor

Thread Starter
Junior Member
Joined
Jun 16, 2003
Professional Status
Licensed Appraiser
State
Oklahoma
My uncle is a LO at a credit union. I get all of my work from him. Will HVCC put an end to this, or will I have to get competive with all the other appraisers in this state and get certified and hit the bricks?
 
Last edited:

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
Putting aside the fact that accepting assignments from a relative is problematic.....

There's no need for an AMC. There's probably an underwriter at that credit union. If the underwriter (rather than the LO) engages you for the GSE assignments then the GSEs can take those appraisals while in compliance with the terms of the HVCC.
 

Craig Farr

Junior Member
Joined
Sep 26, 2004
Professional Status
Certified Residential Appraiser
State
Arizona
No, HVCC has an opt-out rule for uncles. All you'll need to do is fill-in a form stating that your uncle promises not to pressure you during Thanksgiving dinner to "hit value".
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Oh boy! This is going to be a really good thread!
 

Trebor

Thread Starter
Junior Member
Joined
Jun 16, 2003
Professional Status
Licensed Appraiser
State
Oklahoma
I'm starting to sweat. Million dollar homes are not a big market in this area. I see no advantage in jumping through a lot of hoops to become certified, except to look good to out of state lenders, and the other folks on this site. Hope my sweet gig isn't in jepordy.
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
It isn't just million dollar loans you should be concerned about. That "complex assignment" limitation can and does pop up on a regular basis, even with low-value properties.

I know a really good residential appraiser who lost their primary account because that lender decided they didn't want to hassle the complex/non-complex issue with appraisals. They made a policy change to only deal with State-Certified appraisers, and that left my friend and his 12-year relationship with that bank out in the cold.

BTW, that's absolutely a choice they can make without running afoul of the prohibition in FIRREA against discrimination - that prohibition applies to membership or lack thereof in the professional orgs, not licensure status.
 

Dan/Fla

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Not going to touch where your assignments come from....

But I was thinking about the HVCC, the other day when I was reading one of the Mortgage broker forums and what they think of appraisers... OK not all, but some at least.. and reading here what some apprisers think of AMCs and the fear of them running our world is this goes thru the way some believe it may. I know a lot of use wrote letters during thr comment period. Now we are just waiting for the results.. But back to what I was thinking is we write another set of letters and asked The People that are deciding our future like, OFHEO, Fannie Mae, Freddie Mac and New York Attorney General Andrew Cuomo. We send them a new letter with links to this site, and other sites where everyday appraisers state what they are thinking and their fears, and maybe also the Mortgage broker forums, and just asked that they have a staffer read thru these sites and really get non standard opinions and maybe they will see what problems they the regulator can cause if they do not handle this correctly.. Now that the mass emailing are over and they have time to review, what is going on out there.
 

Non Sequitur

Elite Member
Supporting Member
Joined
Feb 14, 2002
Professional Status
Certified Residential Appraiser
State
Louisiana
My uncle is a LO at a credit union. I get all of my work from him. Will HVCC put an end to this, or will I have to get competive with all the other appraisers in this state and get certified and hit the bricks?
Maybe, maybe not. The main goal of the HVCC is to get the production side out of the appraisal process. Some lenders will chose the easy path and go with AMCs but the HVCC does allow lenders to keep a roster.

With that said part of the reason we're faced with the HVCC is relationships such as yours. Take it anyway you want, and I don't mean to imply you're unethical, but man how can anyone justify that kind of relationship.
 

Trebor

Thread Starter
Junior Member
Joined
Jun 16, 2003
Professional Status
Licensed Appraiser
State
Oklahoma
So it seems that I will be able to put my mind at east and continue on with buisness as usual. They can come up all the new rules and requirements they can think of and it won't affect me or many like me.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
My uncle is a LO at a credit union. I get all of my work from him.


I certify that, to the best of my knowledge and belief:


the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.


I have no (or the specified) present or prospective interest in the property that is the subject of this report and no (or the specified) personal interest with respect to the parties involved.


I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks