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Redfin Real Estate Forums :
Washington DC/Baltimore :
Appraisal Code of Conduct to be repealed
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Appraisal Code of Conduct to be repealed
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landlord
Contributor
Posts: 35
Registered: 08-25-2009

Message 1 of 6

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Hooray for congress! For once they got something right. Under bipartisan agreement they voted to amend to terminate HVCC. This was bad law written by an imbecile - NY Attorney General, Andrew Cuomo - in a power play with FNMA/FHLC. Cuomo's asinine regulations: - Created several layers of bureaucracy
- Fostered poor work product
- Assigned inexperienced appraisers to areas they did not know
- Restricted lenders contact with their appraisers
- Reduced fees to the professionals that accurately valued homes
- Doubled the fees to consumers
Cuomo and his minions in their zeal created a bad system that neither protected consumers nor helped the real state and banking industry. Congress has recognized that destroying a system that had evolved over decades was a bad idea. For ONCE congress has wised up.
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11-07-2009 05:19 AM
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Appraisal Code of Conduct to be repealed
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LoveRedfin
Contributor
Posts: 28
Registered: 07-24-2009

Message 3 of 6

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You can't find it because it hasn't happened. What happened is that the House Financial Services Committee sent H.R.3126 (the Consumer Financial Protection Act) to the full house for consideration. On October 22. However, even if passed by the full House and the Senate, and enacted into law (which also requires the signature of the President), HVCC will be replaced by a new set of rules. According to the Washington Post, "the "Home Valuation Code of Conduct" would be terminated early in the existence of a proposed new Consumer Financial Protection Agency. The amendment would require the agency's director to replace the code with an improved set of rules developed through the regular administrative procedures, with public comment periods, used by all federal agencies." Lots of people don't understand that "a committee reported out" or "the House approved" doesn't mean that a law was enacted and will go into effect. There is a big uphill battle for all legislation, and lots of opportunities for amendments and compromises between introduction and enactment. If this legislation isn't enacted, and if no other legislation deals with HVCC, it will continue in force.
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11-09-2009 07:48 AM
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Re: Appraisal Code of Conduct to be repealed
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landlord
Contributor
Posts: 35
Registered: 08-25-2009

Message 4 of 6

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nanomug, love redfin is correct, many people think the a resolution is law. There are many more stages to go before it becomes law. However, at least congress is thinking with the brain on their shoulders instead of the one they sit on - which is usually the case with congress. We just saw their "asinine thinking" with their passage of the health care debacle. Anyway, I'm sure the new regs will be less Draconian that the current HVCC so we will wait and see. Hopefully appraisers will benefit and not the bureaucratic AMCs.
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11-09-2009 09:44 AM
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Re: Appraisal Code of Conduct to be repealed
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sbr287
Regular Contributor
Posts: 179
Registered: 04-23-2008

Message 5 of 6

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Isn't t good to be able to read the postings of so many well informed, balanced and well reasoning participants who don't have their own vested interests at the forefront of their way of viewing the world.
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11-10-2009 06:42 AM
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