HVCC info you may not have

In an effort to clear up any rumors that may be circulating about the rules imposed by Fannie and Freddie’s Home Valuation Code of Conduct — the HVCC, the good folks at both the Appraisal Institute and NAR were kind enough to compile lists of those myths. We urge you to read them.

HVCC Myth:
HVCC Prohibits REALTORS® and
lenders from talking to appraisers.

HVCC Fact:
REALTORS® and lenders can talk to appraisers, including requests to consider additional data in the valuation…

And this from the Appraisal Institute’s version:

Myth: The HVCC requires lenders to use Appraisal Management Companies.

Reality: Use of appraisal management companies is not required under the Home Valuation Code of Conduct (HVCC). Lenders may engage appraisers directly without the use of third parties.

That is all.

For now.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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4 Responses to HVCC info you may not have

  1. Jim Rake says:

    Andrew – thanks for the topic.
    So many of us are ill informed concerning the Do’s and Don’ts of the “new” appraisal rules. Had the chance a couple of weeks ago to listen to Pat Turner, the well known appraiser from Richmond, who did an outstanding job of explaining exactly what can and can’t be done.
    Weren’t AMC’s supposed to streamline the appraisal process? You know the drill, the middleman is going to make the things “better, faster, cheaper”.
    Instead, it seems we’ve gotten just the opposite.

  2. jay seville says:

    The experience I’ve had with appraisers past 6 weeks has been a nightmare. I’ve come across incessant unprofessionalism, sloppiness and a lack of diligence. I’m reading of this experience by others around the country.

    My lender tells me he is not supposed to talk to the appraisers and there seems to be serious lack of accountability now that lenders cannot pick the best appraisers or fire appraisers for not doing their jobs well with this AMC system.

    Consumers are paying more $$$ for less and the best appraisers are being hosed as well with this system. This is ironic as I do not think many banks are doing subprime loans anymore. Get rid of this nonsense and overreaching by bureaucrats who meant well but screwed up as usual.

    Still can’t believe this is a no follow blog–way to support your members VARBuzz.

    j

  3. Dee Karlsson says:

    cannot thank you enough for keeping us clear on topics so directly effecting our everyday livelyhood.

  4. Pingback: What was hot in Commonwealth Online | VARbuzz

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