(HVCC) Housing evaluation code of conduct and termination of independent real estate appraiser


The code of conduct of the evaluation of the house is a belief system which is said that real estate appraisers are threatened, compelled, bribes etc are to be thought of property evaluation. Fannie Mae and Freddie Mac tied up with the New York State Attorney General and proposed a bill not going to the Senate or the House Committee. The future of the review project is regulated by Fannie Mae and Freddie Mac. It will be sponsored to finance mortgage loans. This bill has become very unpopular for mortgage brokers, real estate brokers, appraisers, and in particular end consumers.

Personally I do not believe this bill at all and why do we discuss why through the explanation of each factor? First of all, it is obvious why this bill is terrible, if the bill passes, it will become obsolete that the future of an independent real estate appraiser will be January 1, 2009. Every appraiser must join an appraisal management company and have to pay 40% or more of income and the existence of the lender relationship spent many years in nurturing and preservation ends.

As a mortgage broker, we will not be able to choose the expert wither and we will not be able to contact the appraiser. If you want to use an assessor for reasons such as accuracy, research tools, professionalism, speed, etc., I can not provide that value-added service to clients. So if your lender chooses a late or backed up expert, you are stuck. Where small businesses are stepping in, you can see where the power is shifting. Remind me of Wal-Mart.

Evaluation is not in the name of the mortgage broker, so we can not reassign it. If the client needs to change the lender or if the client does not fit within the guideline during the process, it is necessary to obtain a completely new evaluation, so the customer's cost rises, the loan settlement is delayed, all relations The person was very dissatisfied.

Because Fannie Mae and Freddie Mac have losses of billions of dollars in the past few years, they operate the market and have more control, so it is the reason why they reject this bill It is not strange. If it is a matter of logistics, we will conduct broker's ongoing education, licensing requirements and testing and become a professional as a reliable advisor. If you are living in New York, do not separate us from business with a secret bill slowly progressing nationwide.


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