Violations of HVCC

[Fritz in NY]

Getting "dropped" by AMC

The conflict lies in the fact that certain large AMC's have a history of dropping appraisers who don't cooperate and use their comps, which clearly always point to a higher value. That is the violation of the HVCC, and the problem with AMC's controlling much of the work, with that much power over appraisers, how can appaisers stand up to value reconsiderations knowing they can get dropped in an instant, and since the AMC controls lending work, the appraiser can't then go to lenders directly for the work? This problem and others are being looked at.

There is a provision for underwriters and review appraisers to comment on the report or consider other information.

Imo, this is different than a review appraiser, or an underwriter looking at an appraisal and asking for more information. Review appraisers and underwritiers are not the client, in charge of ordering appraisals. Here, the CLIENT, with the power to give out or withdraw future work, is the one contacting the appraiser to look at other comps. ( higher value comps, who woulda thought)

If the AMC simply dose not "like" your report, they can drop you. PCV/Murcor kept asking me for more comps, I kept telling them there are no more comps in this "hood", they asked me to "extend" my search, I told them that would be going outside the "hood" and they would not be comps, DUMPED & NOT PAID. This was a simple city lot "vacant land" report, nothing complex. If we keep NAMING the violators, maybe we will stop working for them/charge more or ???

 

[Lost Cause]

HVCC is not in force yet. In fact, the new administration put it, and all other proposed new ideas such as this, on hold.

It is my understanding that the HVCC was not part of that Executive Order.

 

[alex gilbert]

Based on what seems to be coming AMCs will drop non-compliant appraisers until no one but Skippy is left.

I'm not saying this won't happen, but the HVCC does say that appraisers cannot be removed from a panel or placed on an exclusionary list without written notice and that removal must be based on USPAP violations or "bona fide administrative reasons based on written managment approved policies."

 

[Riick]

....appraisers cannot be removed from a panel or placed on an exclusionary list without written notice and that removal must be based on USPAP violations or "bona fide administrative reasons based on written management approved policies."

Absolutely correct!
....and if they were to do such a malicious thing, you could call the complaint hotline at the still non-existent "Independent Valuation Protection Institute".
-- and remember: "The lender shall not retaliate, in any manner or method, against the person or entity that makes a complaint to the Institute."

BTW, based on numbers initially published, The Institute will be funded at a level where they will be unable to hire an investigator for each State.
(( at least IMHO ))

 

[panappr]

BTW, based on numbers initially published, The Institute will be funded at a level where they will be unable to hire an investigator for each State. (( at least IMHO ))

Two at minimum wage.

 

[kevco]

I am planning on having to close my business on May 1st after 15 yrs appraising. I cannot take a 40% cut in pay and still be able to make my house payments. I wonder how many seasoned appraisers will be out of the business as the less qualified are negotiating fees down to $150.00.

 

[panappr]

I am planning on having to close my business on May 1st after 15 yrs appraising. I cannot take a 40% cut in pay and still be able to make my house payments. I wonder how many seasoned appraisers will be out of the business as the less qualified are negotiating fees down to $150.00.

My condolences, what can anyone say that hasn't already been said.

 

[kevco]

Panappr,

You are right. It's amazing that in a country like ours, you can be driven out of business by people who know nothing about it and work solely for the benefit of making as much money as possible at the expense of others. Unfortunately, there is nothing we can do about it. They have us right where they want us.

 

[Don Clark]

I doubt it. There is a provision for underwriters and review appraisers to comment on the report or consider other information.

George and Mentor are right on. They are just doing their job.

 

[ROBERT BROGDON]

Violation Of Hvcc

The Hvcc Is Not In Affect Yet. AMC's Are Not Regulated And They Are Not Lenders So I Don't Think That There Is Anything That Can Be Enforced Against Them. Am I Alone In Thinking This?