Tag Archives: HVCC

GAO Report on Residential Appraisals Addresses Appraiser Compensation

Posted on November 7, 2011 by Steve Costello

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

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A Look at Appraisal Independence Legislation

Posted on August 1, 2011 by Steve Costello

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

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Are Appraisers Driving the Bottom Lower?

Posted on August 15, 2010 by FNC

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

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Interesting, Even Alarming, News from SoCal Mortgage Market

Posted on August 8, 2010 by Steve Costello

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

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Appraisal Institute Praises Senate for Passing Financial Reform Bill

Posted on July 21, 2010 by FNC

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

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Does the Home Valuation Code of Conduct Have a Future?

Posted on July 11, 2010 by Neil Olson

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

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