Valuation Review recently hosted a live national audio seminar on the new Home Valuation Code of Conduct from its Cleveland, Ohio, studio. Hundreds of appraisers, lenders and others called in to participate and get answers to their questions about the code.
A few highlights:
- US Bank Chief Retail Appraiser Tony Pistilli on how appraiser exclusionary lists might change — “We’re discussing re-evaluating our exclusionary appraisal lists by virtue of how many different business lines we have. We, at times, have disparate lists in the bank itself, so we want to consolidate that and only include those that have extensive documentation going forward. There’s going to be, I think, a new list for our bank that would include those appraisers on the Fannie Mae or Freddie Mac exclusionary list, and then anyone we have substantial documentation for within the last year.”
- FNC Chief Appraiser Kathy Coon on fee changes — “I suspect appraisal fees will increase (under the HVCC). There are only so many appraisers to go around, and of those, there are only so many that can produce quality reports.”
- Allstate Appraisal’s Steve Albert on the projected rise in AMC business – “I don’t necessarily feel there’s going to be a rush to AMCs from lenders. … We’re not being overwhelmed by calls from lenders who invariably are choosing AMCs. Everyone’s making that decision over the next couple of months.”
- Appraisal Institute VP Joe Magdziarz on appraiser education — “There are about 13,000 licensed appraisers, at last count, on the market today. FHA has precluded licensed appraisers from performing appraisers for them. I would anticipate that will happen eventually in the HVCC.”
Listener comments about the show echoed the quality of the experts:
- “Good choice of panelists; well moderated; excellent inclusion of questions”
- “I would recommend the radio vehicle; October Research has the model down cold. Highly worthwhile.”
For those who missed it, CD copies of the show are available. Also, look for more analysis from the show in an upcoming edition of Valuation Review.