Thursday, May 20, 2010

IT'S OFFICIAL! - IVPI is Vaporware

According to a story posted on RealEstateRama, in a letter from FHFA Acting Director Edward J. DeMarco to New York Attorney General Andrew Cuomo, Fannie Mae and Freddie Mac, now in conservatorship, will not be funding the Independent Valuation Protection Institute (IVPI).

Back in December, Appraiser Active said:

If you were inclined to give Freddie Mac (and Fannie Mae) the benefit of the doubt, our suggestion is to avoid holding your breath waiting for the IVPI. Why don't these folks come clean and admit wishful thinking will not make it happen?
Instead,we get this:

“As conservator of Fannie Mae and Freddie Mac, our priority is to keep the Enterprises focused on the important role they play in supporting the mortgage market,” said DeMarco. “The need for a complaint process is being addressed in a way that we believe is more practical than with the Institute.”

Fannie Mae and Freddie Mac will deploy a complaint process to address suspected code violations including a mechanism for providing pertinent information to state and federal regulatory and enforcement departments. The process will be put in place within the next few weeks.
Press Release and Letter HERE.

In my opinion, it's LATE, it's LAME, not in compliance with the agreement signed among the New York Attorney General, Fannie Mae and Freddie Mac, fails to address the role of Appraisal Management Companies and DOES NOT provide a means for appraisers to complain about non-compliant tactics and actions by AMCs.



Anonymous said...

Why does it matter? It's been a dead end career since May of 2009. I can't think of a worse career choice to be honest.

Anonymous said...

Lets see now, HVCC was all about a very big AMC (First American EAppraiseIt) rewarding fraudulant appraisers and punishing honest appraisers to make more loans. HVCC's answer: give even more of the business to the big corrupt AMC's!
Now that Florida has AMC regulation, do you think it even remotely possible that the first order of business should be to BAN EAppraiseIt (now called Corelogic) from the Florida market? If the AMC's butts are on the line, they may actualy start to consider using and paying for appraiser's with experience and good business practices rather than the cheapest, fastest ex-nail tech appraiser! (you would be surprised how many calls I have received from ex-nail techs looking to work as appraiser's) -Tony

BillMck said...

Great blog, Frank. We here on the West Coast are fighting the good fight as are you.

We post a weekly video that gives legislative updates and, also promotes our Real Estate Appraisers Association. Here is a link to our video. Post it if you like it and feel free to re-distribute.