Thank you for your perspective. It definitely is interesting to hear from a veteran appraiser who sheds light on a different side of the problem.

While I DO understand the details behind the creation of HVCC I chose to not go into detail and instead present a simple “layman’s” overview of the problems that have been created since it’s inception.

Many agents are extremely frustrated by the changes that they have seen with the appraisal process since HVCC came into play. Your words indicate that maybe the new proposed solution is not going to help either, but we need to do SOMETHING to try and fix the problem: buyers are losing properties because of bad appraisals, and there are MANY appraisers from out of local areas who do not understand area valuation. What usually happens in these situations is the bank will have the SAME appraiser go back out there to “correct” his results…this usually (as you can imagine) does not help, or sometimes simply takes too long and creates problems for the buyers.

NAR sent out surveys to members regarding the problems with these situations and has been actively involved in trying to overturn the HVCC. I would LOVE to hear your suggestions as to a possible solution that could benefit all parties involved.

Thank you for your perspective.

(a) HVCC was not “cooked up” by Fannie or Freddie; it is an agreement cooked-up between them and NY State Attorney General Coumo, who forced it on them, by threatened them with exposing their poor business practices with a huge lawsuit.

(b) IF HVCC gets thrown out, the Big Banks, who own the AMCs and are making EXTRA PROFITS out of appraiser’s fees, have no reason to go back to dealing with mortgage brokers and appraisers direct.
They would rather keep the extra profits.

In other words, don’t expect any big changes unless someone twists the Banks’ arms.
Since they are “too big to fail”.. you and I will be the ones who fail.
— Riick — 20 year RE Appraiser