Update on HVCC's Independent Valuation Protection Institute (IVPI)

[Brian Davis]

We are reminding you that the Home Valuation Code of Conduct (Code) goes into effect today, May 1, 2009, and Freddie Mac will no longer purchase mortgages from Sellers who have not adopted the Code. Additionally, for all mortgages with application dates on or after today you must represent and warrant that all appraisal reports are obtained in a manner consistent with the Code.

If you have any questions regarding the Code, please submit them through our online form and we will respond as quickly as possible.

Update on Independent Valuation Protection Institute

Plans for creating the Independent Valuation Protection Institute (IVPI) are ongoing and we will keep you informed on the timing for its establishment.

The IVPI will offer, among other services, a telephone and e-mail hotline to receive and process complaints from appraisers, individuals and entities on noncompliance with the Code. Until the IVPI assumes this responsibility, we will provide an interim solution for reporting and registering complaints from individuals and entities. We will provide information on this process in an upcoming announcement. 

Until the IVPI is established, the provisions regarding it in the Code are not effective.

Get More Information

• Review the Code.
• Find answers to frequently asked questions on our Web site.
• Visit the Learning Center for courses and educational resources on the Code.

 

 

[Cynthia]

Brian

this is pretty cute. Are they telling us that since there is not an IVPI established yet appraisers cannot complain? Nothing like setting up a speed limit and then think about hiring some officers to enforce it at a later date. Feels pretty good knowing they are looking out for us.

[Brian Davis]

Cynthia -

On May 1, 2009, at 8:58 PM, "George W. Dodd, SRA" wrote:

Fannie just sent a notice today that “something will be set up in the future for an IVPI” but no specifics. Like many I considered the IVPI to be the only viable part of the HVCC and its lack essentially guts the appraisers and consumers benefit. So, a group of us are committed to take these complaints, record, and report them.

Here are addresses to send for violations or complaints of the HVCC , to be collected and reported to FHFA and other appropriate regulators. A copy should be sent to both with as much detail as possible and supporting documentation if available. Get the word out and let’s use the system to our advantage this time.

[e-mail]

And to: James Lockhart c/o: [e-mail]

[Joe The Appraiser]

this is old news, why not remove it????
does anyone monitor this forum??

[Brian Davis]

Joe - Of course it's old news! It's dated May 2009. If I deleted everything that was old news this blog would would be like an eMail. Older blog posts form the foundation of where we are and where we've been. Posts like this actually offer us a reminder of promises made and broken . . .which is a good thing IMHO.