Previously I have posted about the Home Valuation Code of Coduct (HVCC) stating that it seems to be unfair to consumers as well as people in the mortgage industry - including appraisers.
While nothing has been resolved regarding the HVCC it seems that more and more people are coming out against it. Senator Elizabeth Dole spent time questioning the rationale behind it when Fed. Chair Ben Bernake was testifying in front of the sub-committee.
I don't understand how a 3rd party will remain unbiased in helping to find an appraiser for banks and mortgage professionals. This is precisly what happened in New York where the AVM felt they needed to pressure appraisers to "hit the number" so they could retain their clients.
If you hire ethical people to work with (mortgage professionals, real estate agents and appraisers) then this is a non-issue. When you have a boom and people see fast money being made are you really going to have the cream of the crop moving in.... nope you have people looking to make a fast buck.
Lately with each appraisal class that I take I find more and more people are leaving the industry, not just the bad apples but those that have been appraisers for years that can no longer handle the pay cuts and the red tape that comes with each appraisal.
I hope the HVCC doesn't pass or has some sweeping changes if it does; because as an appraiser that has a good product to sell I hope that means I have an advantage over the person down the street that thinks their job is to just check boxes. It isn't and it shouldn't be. Ours is a profession of research and analysis where a decision is based on our findings and not a predetermined number.
Thank you, we'll be in touch!