All posts by Editor

Quiz: HVCC Guidelines

Since it took effect May 1, 2009, the Home Valuation Code of Conduct (HVCC) has generated significant commentary among real estate professionals, appraisers, and lenders—as well as plenty of uncertainty over exactly what the agreement does and does not allow. The HVCC is a set of guidelines to curb inaccurate appraisals developed by New York Attorney General Andrew Cuomo and the two secondary mortgage market companies Fannie Mae and Freddie Mac, with support from their regulator, the Federal Housing Finance Agency. In general, the guidelines seek to ensure an arm’s length relationship between the lender making a loan and the appraiser who assigns a value to the house. It also sets forth a process for addressing incidences in which appraisal misconduct is suspected. Test how much you know about the new appraisal guidelines.

Original Source

NAR Testifies on VA Appraisals

Michelle Bradley, the 2016 NAR Real Property Valuation Committee Chair, testified before the House Committee on Veterans’ Affairs – Economic Opportunity Subcommittee at a hearing entitled “Assessing VA Approved Appraisers And How To Improve The Program For The 21st Century.”

Original Source

FHA Appraiser Identity Theft

The U.S. Department of Housing and Urban Development (HUD) – Office of Inspector General (OIG) recently became aware of a number of instances of appraiser identity theft. The fraudulent schemes varied, but stemmed from someone using the state certification number of a Federal Housing Administration (FHA) roster appraiser. In many cases, the harm was made possible when an FHA roster appraiser provided his or her personal identification number (PIN) for the desktop appraisal software to a colleague or supervisor. The FHA roster appraiser was unaware of the misuse until it came to light, usually by accident. The OIG has released a Fraud Alert that outlines the specific cases and provides a list of Do’s and Don’ts for preventing and handling instances of appraiser identity theft.

Original Source