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New Appraisal Law and How it Will Affect Investors

One of the factors contributing to the collapse of the housing market was collusion between appraisers, mortgage brokers, attorneys, and brokers. They were inflating values and creating comparables.  A new law came into effect on May 1, 2009 is aimed at stopping that.

The Home Valuation Code of Conduct may have a huge affect on real estate investors. Typically, investors have long-term relationships with mortgage brokers and appraisers because they rely on quick and responsive service to purchase or refinance investment properties.

HVCC essentially removes the ability of a local mortgage broker to choose their own appraiser and moves the relationship management to appraisal management services or the central banks home office.

Here are some of the key points from mortgage
blog Lenderama
:

1) Disables brokers from choosing appraisers or having any contact with appraisers, as these tasks are delegated to lenders.  This creates a bias that shifts power to large institutions.

2) Requires independent appraisers to join AMC’s (Appraisal Management Companies) where they are forced to pay 40 percent or more of their income to the AMC, ending the existence of independent appraisers.

3) Since appraisals are not in the broker’s name but the lender’s, if you or your client needs to change lenders, a new appraisal is required.

4) If consumers want to shop their loan, they must pay for a new appraisal; they can’t have an appraisal reassigned.  This creates a disincentive to shop for the best deal, which is never good for consumers.

To
learn more about new law directly from Freddie Mac CLICK HERE.

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