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Tag Archives: HVCC
When the Home Valuation Code of Conduct (HVCC) was instituted, many lenders began outsourcing their appraisal procurement and other collateral valuation process to AMCs as they felt it was easier to stay in compliance using a third party. Putting it simply, HVCC was intended to increase oversight and eliminate improper pressure and relationships between lenders and appraisers. Since the advent of the HVCC, now replaced by the very similar Appraiser… Continue reading
As part of the Dodd-Frank Act it was mandated that the General Accountability Office (GAO) study the various valuation methods and the options available for selecting appraisers, as well as the Home Valuation code of Conduct (HVCC), which established appraiser independence requirements for mortgages sold to Fannie Mae and Freddie Mac. In July the report titled “Residential Appraisals – Opportunities to Enhance Oversight of an Evolving Industry” was released. The… Continue reading
Appraisal independence is not new, but we have seen considerable regulatory activity about it recently. Appraisal independence (on a practical level) is making sure that there is no undue influence on an appraiser that might hinder the appraiser’s independent judgment. I think most appraisers will agree that this is a good thing. The difficulty for many appraisers came with the way some of these regulations completely changed the playing field… Continue reading
Questions from a home seller who is in the industry
As a recent seller of a three-bedroom condominium, my experience with the appraisal on the property was disappointing. The appraised value seemed to needlessly reinforce a new low for the market and there were a number of inaccuracies in the appraisal report.
In this property, the sellers and buyers had negotiated a sales price of $122,000. The appraisal… Continue reading
The Appraisal Institute’s Southern California Chapter—the largest of its chapters in the country—hosted its 16th Annual Summer conference on Thursday, July 29, 2010. The chapter presented an excellent program of continuing education that was well attended by both residential and commercial appraisers.
Of particular interest to residential appraisers was a panel presentation—The Changing Role and Responsibilities of AMCs in the Current Marketplace. Panelists included Wes McDaniel, CoreLogic; Jeff Dickstein… Continue reading
The Appraisal Institute applauded the U.S. Senate for passing a sweeping financial regulatory reform bill that includes the first modernization of real estate appraisal regulations in more than 20 years. The Dodd-Frank Wall Street Reform and Consumer Protection Act (HR 4173) is the first overhaul of appraisal regulations since the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) was enacted in 1989.
President Barack Obama is expected to sign… Continue reading
The original March 2008 agreements between the Attorney General of New York, the Office of Federal Housing Enterprise Oversight (now the Federal Housing Finance Agency) and Fannie Mae and Freddie Mac that established the Home Valuation Code of Conduct will expire in November 2010 (originally July 2010). After that, Fannie Mae and Freddie Mac are no longer obligated to maintain the HVCC.
In addition, the Dodd-Frank Wall Street Reform… Continue reading