FREDDIE MAC UPDATES HVVCC PAGE - IVPI Complaint Form Added

Since the Home Valuation Code of Conducte (HVCC) was implemented on May, 1, 2009, we've been wondering when (and if) the Independent Valuation Protection Institute (IVPI) would be established.

Well, folks, today we get a bit of information. Freddie Mac has updated a page with some information about the IVPI. Here's what Freddie has to say:

Independent Valuation Protection Institute

We are working with the New York State Attorney General, FHFA, Fannie Mae and other mortgage market participants to develop the Independent Valuation Protection Institute (Institute).

When established, the Institute will offer, among other services, a method for receiving complaints related to non-compliance with the Code. In the interim, a Web site is being created to receive and register complaints from appraisers, individuals and entities on non-compliance with the Code. The interim Institute Web site is currently under development and will be launched in November 2009. The sample complaint form [PDF] that will be used for complaint submissions on the interim Institute Web site is now available to preview. While the complaint form is available for previewing today, it may not be submitted until the interim Institute Web site is
launched.

The provisions related to the the Institute are not effective until the Institute has been established.

Make sure you follow the link to the sample COMPLAINT FORM.

This is my favorite part:

Thank you for your submission of a Complaint Regarding Improper Appraisal Conduct as described in the Home Valuation Code of Conduct. You may not hear anything further related to your complaint or the outcome of the resulting investigation. Your complaint will be taken seriously and appropriately investigated.

For some reason, I thought the IVPI was supposed to offer a "hotline" for complaints? Here's the language in the HVCC:

The Independent Valuation Protection Institute

An Independent Valuation Protection Institute (Institute) shall be created as approved by the parties. Subject to section IX, when the Institute is established, the lender will provide information to appraisers and borrowers regarding the availability of the Institute's services, which are expected to include: (1) a telephone hotline and email address to receive any complaints of Code of Conduct non-compliance, including complaints from appraisers, individuals, or other entities concerning the improper influencing or attempted improper influencing of appraisers or the appraisal process, which the Institute will review and report as provided in IV.B(8) and IV.C(2) of this Code of Conduct; and (2) the publication and promotion of best practices for independent valuation. The lender shall not retaliate, in any manner or method, against the person or entity that makes a complaint to the Institute.

Comments?