Great article from a San Francisco news site on the potential impact of the HVCC.
Right now, many of the appraisers are scrambling to get on “the lists” of AMCs and lenders.
There should still be jobs to go around, but appraisers are fretting that the amount they make on each assignment might be greatly reduced.
“Right now if the average fee is $400, I get the whole $400, but now the AMC is going to keep some of that money so I might end up with just $150 or $250,” Lederer said. “That’s where the appraisers are screaming bloody murder. In the past I might drive 45 minutes to Brentwood and do a job, but now that I have to give up some of the money it’s not even worth it because of the cost of gas,” he added.
The big question now becomes if, when, and how the codes will be enforced.
“There are pretty lofty goals here, and if the HVCC is successful it will be good for the lending industry and good for America,” Lederer said. “But if the government can’t stop somebody like Bernie Madoff, how are they going to enforce this?”
The enforcement aspect of this code remains the big question. And I still haven’t heard anything specific from Cuomo or FHFA on that front.