Reassigning Appraisals and HVCC

[Lakefront boater]

The excuse from the AMC was that the borrower requested my removal. When I challenged that in an e-mail, (because I don't know the borrowers from Adam), he stated he "mis-quoted" the note from the lender and actually it is the Seller that does not want me. Well guess what! The seller of the property I was going to appraise is.....A REALTOR! She insists, according to the AMC, that I not come onto her property. The AMC, in the same e-mail, says they are truely sorry, they love my work and would love to continue using me for future orders.... Are you kidding me? Hello?
According to the State investigator, the seller does not have to allow me onto their property.

This does sound like it might be an isolated situation as a previous post said it might be best to cut bait on the situation as previously posted.

Why the homeowner who is an agent doesn't want you to appraise their property none of us here can even form an opinion on this without knowing more about the situation or past experiences. It's very hard to not take things personal even if it is personal but it's not worth getting upset about. If someone specifically doesn't want you on their property, then I sure as heck don't want to be there.

I would let this go and it might be a blessing in disguise.
We can't be liked or loved by everybody.
I really wouldn't want to appraise someone's home who for whatever reason doesn't want me
to appraise it and would rather use someone else. Probably best to move on.

 

[PropertyEconomics]

Real Estate Board for an ethics complaint

State Board for a ethics complaint.

GSE for a HVCC complaint.

 

[JULIEWEBB]

I would let this go and it might be a blessing in disguise.
We can't be liked or loved by everybody.
I really wouldn't want to appraise someone's home who for whatever reason doesn't want me
to appraise it and would rather use someone else. Probably best to move on.

Boy, the difference one night of sleep can do is amazing. Yes, I agree it's best to move on. And your absolutely right it is a blessing in disguise. Thanks for everyones input.

 

[Webbed Feet]

What date was the HVCC reinstated?

 

[jg1519]

HVCC was not reinstated. It was replaced by the Appraisal Independence Requirements (AIR) which does retain some of the rules in HVCC. The Dodd-Frank Act section 1472 contains the lowdown on the independence requirements. The Dodd-Frank Act was signed by Obama last year in July and charged the Federal Reserve Board with implementing the new law. The Board passed a Final Interim Rule (Regulation Z) which basically defines the acts and practices that violate appraisal independence. Upon the Final Rule being passed, HVCC has no effect because of its replacement, the AIR.

I think each state is required to pass a set of AMC regulation and registration requirements that basically states what AMCs can and cannot do. As well as state what fees are "customary and reasonable". This C&R deal is what residential appraisers should be focused on now becuase it basically determines what appraisers can charge under C&R terms through the AMCs they work for.

 

[CANative]

HVCC was not reinstated. It was replaced by the Appraisal Independence Requirements (AIR) which does retain some of the rules in HVCC. The Dodd-Frank Act section 1472 contains the lowdown on the independence requirements. The Dodd-Frank Act was signed by Obama last year in July and charged the Federal Reserve Board with implementing the new law. The Board passed a Final Interim Rule (Regulation Z) which basically defines the acts and practices that violate appraisal independence. Upon the Final Rule being passed, HVCC has no effect because of its replacement, the AIR.

I think each state is required to pass a set of AMC regulation and registration requirements that basically states what AMCs can and cannot do. As well as state what fees are "customary and reasonable". This C&R deal is what residential appraisers should be focused on now becuase it basically determines what appraisers can charge under C&R terms through the AMCs they work for.

1. I think Web's post was sarcastic or maybe just rhetorical. He's pretty up to date and knowledgeable on these matters.

2. The C&R language does not determine what appraisers can charge.

 

[David Mescon]

You could've just taken the easy route and gone for the litigative lottery - seems to be the new American way of life. They wanted a good ol' boy, not a good ol' girl.

 

[Mountain Man]

http://appraisersforum.com/showthread.php?t=179460

Amazing how answers vary.

 

[jg1519]

1. I think Web's post was sarcastic or maybe just rhetorical. He's pretty up to date and knowledgeable on these matters.

2. The C&R language does not determine what appraisers can charge.

Ah yes, you are correct.

Under the Interim Rule:

"the Rule is not intended to prohibit a creditor and an appraiser from negotiating a rate for an assignment in good faith, nor is it intended to prohibit a creditor from communicating to a fee appraiser the rates that had been submitted by other appraisers solicited for the assignment as part of this negotiation."

Also other language from the Rule:

"The Board interprets the statutory
language of TILA Section 129E(i) to
signify that the marketplace should be
the primary determiner of the value of
appraisal services, and hence the
customary and reasonable rate of​

compensation for fee appraisers."

It seems the Interim Rule just says how the fees can be determined, not necessarily what is charged. Even that is not very clear. So what it implies is that fees can be negotiated, but the influence by lenders, brokers/borrowers on property valuations cannot take place.

Very confusing stuff to understand in a short time.

 

[Webbed Feet]

1. I think Web's post was sarcastic or maybe just rhetorical. He's pretty up to date and knowledgeable on these matters.

That would be a reasonable and fair analysis.... And, thank you for the positive observation.

http://nmlseducation.wordpress.com/2010/11/15/the-sun-has-set-on-hvcc/

It would be nice to see most appraisers stay up with things within less than six months to three years after they happen as well. For now, I'll have to be satisfied with the minority that does so, such as yourself.