Home Valuation Code of Conduct (HVCC) — Currently an amendment is attached to H.R. 4173, the “Wall Street Reform and Consumer Protection Act of 2009″, which will ultimately sunset the HVCC. While this bill has passed the House Financial Services Committee, there is agreement in Congress to work on the amendment language to incorporate the appraisal provisions from H.R. 1728, the “Mortgage Reform and Anti-Predatory Lending Act.” These amendments provide enhancements to protect appraiser independence and regulate AMCs. NAR is supporting this amendment and we will work with Congress to support incorporating the appraisal provisions from HR 1728 into the CFPA legislation.
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H.R. 1728 is (was) a noble thought but came about nearly one year too late. The reality is that FNMA & Freddie Mac will be dismantled before the senate and house can come to understand that HVCC has already ruined the real estate profession as well as raped consumers royally.
I am amazed that consumers are willingly paying 50% for appraisals that are being complete by incompetent appraisers. Intelligent appraisers were smart enough to leave the business when the government forced a 50% paycut upon them.
I am still holding out, holding on to your properties and trying to work for 1/2 price until (if there IS an until) this is all over. I just thank God we still HAVE a job… I am very upset that we have no free enterprise with our business, my husband has 20 years experience and is doing appraisals for 1/3rd of what he is worth and not able to contact his old clients for work..SO SAD
It is a sad situation – and while technically HVCC expires this year, the mechanism has been put in place and will not likely go away. I don’t know what state you live in but in CA we are trying to address this as a state issue and are introducing two bills aimed at regulating AMC’s this year.
Don’t be fooled by states who claim to want to regulate AMCs. I have yet to read a state proposal that does anything to help borrowers or appraisals. States are only trying to recoup millions of dollars in lost tax revenue that is going to out of state AMCs. If you run across a state that is trying to help appraisers by requiring AMCs to separate the AMC fee from the appraisal fee or pay full market fees let me know. I’ve seen no evidence of this happening.
I haven’t either and the HVCC bill CAR has currently in the works only seeks to increase their accountability through OREA.
How do the “Too big to fail banks” own thier own management companies and monopolize the entire business? How is that appraiser independence with just 1 client-The Bank. In addition, these bank lists have been closed for years in my area. No business since the FHA form of HVCC went into effect. In California, join California Coalition of Appraisal Professionals.
The whole purpose of separating lenders from the appraisal process (as stated by Mr. Cuomo) has been subverted by the reality of the process. Since it seems unlikely this will go away, we are at least trying to address regulation at the state level. This HVCC is terrible policy and I was disappointed that FHA finally succumbed. It’s making it harder for Realtors, homebuyers and certainly appraisers to conduct professional business as well as make a living.