When news spread about revising the residential appraisal process over a year ago, I was not too concerned.  The word on the street was mortgage originators everywhere would not be able to directly order appraisals or even speak to an appraiser.  I thought, who cares, that’s one less thing I have to worry about.  Right?  Wrong!

The once hyped sub-prime mortgage market has been replaced by a sub prime appraisal system.  Florida home buyers are having to cancel contracts, or order 2 or 3 appraisals for Fannie Mae conventional Florida mortgages.   Under the HVCC, appraisers are not experienced and not competent to perform appraisals which are usually 3 or 4 counties away.

The appraisal process under the new HVCC, home valuation code of conduct, has negative consumer affects.  Appraisals are now order through a 3rd party appraisal management company, or AMC.   AMC’s simply take consumer money for appraisals and then choose an appraiser based on the lowest bid!  Many experienced local appraisers are now being replaced by inexperienced, distant appraisers who are crippling our already  damaged housing market.

And since Mortgage Orignators and Realtors, working with our new home buyers cannot communicate directly with the appriaser, we are left to email AMC’s  who by the way are overloaded with thousands of email disputes and phone message complaints.  What to do? 

Please take 4 minutes and view this video provided by the people of TBWS: 

https://www.thinkbigworksmall.com:443/public/showArchiveVideo/1/4909

And afterwards sign the petition at www.HVCCPetition.com and help us get the mortgage markets back on track.   Thank you, Stephen 

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