Washington, DC Archive

HR 3126 Passes House Committee with HVCC Amendment

On October 22, 2009, HR 3126, the “Consumer Financial Protection Act of 2009,” passed the House Financial Services Committee with an amendment that will ultimately sunset the Home Valuation Code of Conduct (HVCC). The amendment was offered by Representative...
October 23, 2009

FHA Announcements on Performance Standards and Flood Zones

The Federal Housing Administration (FHA) recently released several new Mortgagee Letters, including 2 on focused on appraisals. ML 2009-37: Flood Zone Requirements and Responsibilities of FHA Mortgagees and Appraisers. Appraisers are required to review the applicable FEMA Flood Insurance...
October 22, 2009

FHA Appraisal Rules: Benefits of HVCC Without the Unintended Consequences?

National Mortgage News reports that the new Federal Housing Administration (FHA) appraisal rules may make HVCC – and appraisal management companies (AMC) – easier to cope with in the industry. While noting that the intent of HVCC was to...

FHA Enhances Credit Policies, Includes Appraisal Enhancements

Federal Housing Administration (FHA) Commissioner David H. Stevens announced plans to implement credit policy changes that will enhance the agency’s risk management functions. FHA will hire a Chief Risk Officer for the first time in the FHA’s history. Commissioner...
September 18, 2009

AI Comments on Geographic Competency Issue

Jim Amorin, President of the Appraisal Institute, commented on appraisers who may be violating the Uniform Standards of Professional Appraisal Practice (USPAP) or other professional and ethical standards of appraisers. Mr. Amorin’s comments focused on geographic competency – an...
August 26, 2009

New Information on HVCC Announced by FHFA, GSEs

Yesterday the Federal Housing Finance Agency (FHFA) issued the notice “Strengthening Appraiser Independence and Improving the Valuation Process” aimed at addressing misinformation being circulated on the Home Valuation Code of Conduct (HVCC). The notice states that, amongst other things,...

New Audio Conference on Appraisal Changes: NAR Members Save 25%!

New Inside Mortgage Finance-sponsored research suggests that appraisal issues have emerged as one of the biggest obstacles for would-be homebuyers this summer. Find out what type of appraisal problems have emerged and how to deal with them at this...

New Appraisal Products

NAR recently updated it’s frequently asked questions (FAQ) document on the Home Valuation Code of Conduct (HVCC). You can get more information on HVCC at www.realtors.org/hvcc The Appraisal Foundation recently released a new brochure Why Engage A Professional Appraiser?...

Freddie Mac Releases New Guidance for Appraisals

On July 10, Freddie Mac released Bulletin 2009-18 to sellers and servicers. The bulletin addresses appraisals and underwriting. Regarding appraisals, the bulletin focuses on qualified appraisers, credible appraisers, comparable sales, and monitory appraisal quality. Freddie Mac reminds sellers that...

NAR Survey Results Highlight Impact of HVCC

Yesterday, a preliminary analysis of a NAR survey was released, which indicates that the implementation of the Home Valuation Code of Conduct (HVCC) appears to be having adverse impacts on the housing markets. The use of out of area...