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Appraisal Foundation President expects Announcement on the HVCC Soon

Appraisal Foundation President, Dave Bunton, said he expects the parties involved with the Cuomo Agreement to make an announcement about the Home Valuation Code of Conduct within the next 30 days. Mr. Bunton went on to say that despite the recent Conservatorship of Fannie and Freddie, he thinks the HVCC is still alive. However, he expects the code will likely be diluted when released in its final form. Mr. Bunton made his comments at the Appraisal Standards Board meeting yesterday in Chicago.

Mr. Bunton also listed other future activities of the Appraisal Foundation:

- The Foundation is creating a two and a half day Investigator Training course for state regulators. Initially, the course will only be open to state regulators and their staff. However, the Foundation is open to the possibility of releasing the course to the public.

- In 2010, the Foundation will roll out an online version of USPAP.

- The Foundation will create a Set of Best Practices for Supervisor Appraisers and Trainees.

- The Foundation is looking to clarify what determines acceptable communication with appraisers.

These activities are all are very beneficial to appraisers, and it is good to see the Foundation taking such a pro-active role in improving the profession.

-Justin Morton
Manager of Appraisal Specialties
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Comments
  1. Jerry Ball

    Problem is, the “foundation” was also the one that FIRST ENDORSED AMC’S – and as appraisers, we all know what the AMC’S are doing – not the job, all they’re doing is collecting a lot of money, requiring “contract endorsement” to be on the “approved appraiser list” – which, by the way requires the appraiser hold the AMC harmless – yet the e & o company will NOT insure the appraisal that’s been “converted” (read changed) from the original report in the appraiser’s office. So, who’s out ? The lender is receiving “less” quality, the Owners & Buyers are receiving less quality, the good appraisers are receiving less orders, who have I left out ? Oh yeah, the AMC’s are making more money.

  2. JANINA DICKERSON

    JUST HOPING THAT LICENSED APPRAISER’S WILL BE GRANDFATHERED, WITH RESPECT TO THE FHA APPROVED APPRAISER LIST. IT’S RUMORED THAT FHA IS GOING TO REMOVED LICENSED APPRAISER’S FROM THE APPROVED LIST. HOW CAN THEY PUT US ON AND THEN REMOVE US. IT’S LIKE GIVING US A HOME AND THEN SAYING WE CAN’T HAVE THE KEY TO GET IN. I’M VERY CONCERNED AND HOPE REALTORS AND LENDERS WILL SUPPORT OUR CAUSE. I CAN SEE NEW LEGISLATION AFFECTING APPRAISER’S IN THE FUTURE, JUST LIKE ALL OTHER CHANGES IN LEGISLATION, BUT NOT CHANGE THE RULES FOR THE CURRENT APPRAISER’S ON THE ROSTER. THANK YOU FOR YOUR TIME.

  3. Rob

    I own an appraisal company in Texas and have been appraising for roughly 11 years. I’m well established with numerous ethical clients that have taken years to obtain. Now my family and I are worried that HVCC will put us out of business, or at best bankrupt me because I’ll have to take a 50% pay cut. We’ve already down sized and had to get rid of receptionists and offices, and have moved into home offices due to the increasing costs of gas, insurance, and the general cost of doing business. Appraisal fees have been virtually the same for 11 years and we have not received any cost of living increases to keep up with the “COST OF LIVING!” Now we’re supposed to take another pay cut? How are we supposed to do business!?!? And all to correct a problem that doesn’t exist!
    While there are problems with the appraisal industry (as in every industry), THE MAIN problem IS NOT the appraisal industry. It’s the lending industry.
    Does it really take a genius to figure out that when you sell a home to a buyer with questionable credit, nothing to put down, and provide them with 100% financing that you’ve doomed them to failure unless they experience personal financial success? Or that when you give them 100% financing on an ARM that you put a nail in their coffin? You can’t refinance them at $100%, and they can’t sell a home with no equity because of the 6% to 8% realtor commissions. What do you think the home owner will do when their taxes go up? Or when something significant needs repair or replacement (like an air conditioner, furnace, or roof)? Or when they lose work due to any hardship related circumstances? They give the home back to the bank. And now, HERE WE ARE with more foreclosures and vacant homes than ever before in our history. Most of those homes were worth what they sold for when they were appraised. Today they’re not. Not because of fraudulent appraisals, but because the market is flooded with foreclosures and short sales.
    Hmm I know how we’ll fix it. I have the solution! Let’s create an AMC (as another unnecessary level of bureaucracy with an empty pocket to fill) that will steal half of the fees from the appraiser so that lenders can no longer communicate with the appraisers directly. That will fix everything.
    NOT!
    What are we paying the people that come up with this nonsense for?!?!?!?

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