January 1, 2009 Whats Happening? Do we lose our clients?

[Lukasz123us]

Whats happeing on Jan 1, 2009? I heard that the bill was signed and only the lender will be the one ordering the appraisal. I heard managment companies will not only lenders? Does this mean that all of the clients I worked so hard to keep will be lost? Any way around this??

 

[Tim Hicks (Texas)]

Yep, read the 100's of posts in the archives.

 

[panappr]

Whats happeing on Jan 1, 2009? I heard that the bill was signed and only the lender will be the one ordering the appraisal. I heard managment companies will not only lenders? Does this mean that all of the clients I worked so hard to keep will be lost? Any way around this??

I believe it's already happened as we approach Sept 1, 2008. I've had 3 assignment cancellations in the past week..

 

[RSW]

Whats happeing on Jan 1, 2009? I heard that the bill was signed and only the lender will be the one ordering the appraisal. I heard managment companies will not only lenders? Does this mean that all of the clients I worked so hard to keep will be lost? Any way around this??

What Bill? HVCC is not a bill. It is an agreement between Fannie Mae, Freddie Mac and THE AG of NY.

 

[Terrel L. Shields]

The quicker AMCs are abolished the better.

 

[The Warrior Monk]

The quicker AMCs are abolished the better.

I'm of the mindset that major changes are going to made, if the HVCC goes through at all, just for this reason. I can't imagine anything as asinine as agreeing to make AMCs as a major conduit for ordering appraisals. It simply makes a big part of the problem bigger.

And, or course, notice that it affects only certain GSEs, backed by the government. If it was backed by investors, common sense might prevail.

 

[timd354]

The whole HVCC agreement may not be in force at all after Oct 1st since the agreement had to be signed off on by OFHEO in its role as the regulator of Fannie and Freddie. OFHEO will cease to exist on Oct. 1st, to be replaced by a new entity. The new entity was not a party to the HVCC agreement, and, thus is likely not bound by the agreement...we are just going to have to see how all of this plays out, but there is a very good chance that the HVCC will be either modified or scrapped altogether.........of course, what replaces it may not be any better.

 

[VolcanoLvr]

It's amazing how much bad information is treated as accurate, getting everyone's knickers in a knot.

While I am an AI Associate member, I'm not necessarily advocating that organization. However, AI Pres. Wayne Pugh, MAI sent members a message on 7/28 that contained this bit of news:

Regarding the HVCC component of the negotiated Cuomo Agreement with Fannie/Freddie:(My bold) “The Office of Federal Housing Enterprise Oversight, Office of the Attorney General of New York, Fannie Mae and Freddie Mac are in the midst of finalizing changes to the Home Valuation Code of Conduct. The parties are expected to release the final version of the HVCC as early as next week for implementation in 2009. …. the final result is unknown at this time …. there are many corollaries to this issue, including pending changes to RESPA and potential legislation on Capitol Hill.”

My personal opinion is that any successor organization to OFHEO will likely as not adopt what ever provisions are implemented in the interim period.

Otherwise, Cuomo is free to reinstate the lawsuit against eAppraiseIt and First American/Fannie/Freddie.

 

[panappr]

Otherwise, Cuomo is free to reinstate the lawsuit against eAppraiseIt and First American/Fannie/Freddie.

Personally I feel that lawsuit and investigation should be reinstated. It would be a violation of public trust not to. At this point I want all the facts made public, and they should prosecute if necessary. I realize that's how attorneys work by making deals, however, this is beyond the scope of a state AG. The Feds should be all over this.

 

[Pamela Crowley (Florida)]

Personally I feel that lawsuit and investigation should be reinstated. It would be a violation of public trust not to. At this point I want all the facts made public, and they should prosecute if necessary. I realize that's how attorneys work by making deals, however, this is beyond the scope of a state AG. The Feds should be all over this.

I agree!

Sorry, but there is NO WAY I will trust what those already involved in writing up the HVCC will come up with next.

I am still a very strong believer in the Dodd/Crowley IVPI Proposal that the various powers that currently be want to totally ignore. I have not given up and will continue to fight back!