Help save the Independent Appraiser

On December 23, 2008, the New York Attorney General Andrew Cuomo, GSEs Fannie Mae and Freddie Mac, and their regulator the Federal Housing Finance Agency (FHFA) released a revised Home Valuation Code of Conduct (HVCC), part of their Appraisal Agreement first issued on March 3, 2008. The HVCC would take effect May 1, 2020.

Should the HVCC take effect, lenders will no longer accept any appraisal report completed by an appraiser selected, retained, or compensated in any manner by any third party including mortgage brokers. To view the revised HVCC and Appraisal Agreement, please .

This Agreement will shift mortgage business primarily, if not exclusively, to banks, harming consumers by severely limiting competition. Increased appraisal costs will be charged, even though staff appraisers will be paid less. Consumers will see borrowing options curtailed because they receive appraisals that are lower in quality and a less accurate valuation of their housing.

The HVCC severely threatens small businesses and your profession nationwide by preventing mortgage brokers from participating in the independent appraiser process. It is critical for mortgage brokers to maintain an appropriate level of contact with appraisers to ensure appraisal quality and independence. We need to join forces to fight for the consumers and small businesses across America.

The time is NOW to fight this threat. CAMB urges you to support the effort being waged by CAMB and our national representative, the National Association of Mortgage Brokers (NAMB), in three ways:

  • Please make a donation towards this fight to ensure your industry’s survival. With your support, NAMB will be taking legal and legislative action.
  • Contact your Congressional Representative, U.S. Senator, and the White House in opposition to Fannie Mae and Freddie Mac’s charging of unnecessary and excessive fees.
  • Some appraisers are not sure how to get involved in this issue! Call your appraiser when you get this!!!! Share this e-mail with every appraiser you know – the HVCC severely threatens the existence of independent appraisers and small appraisal businesses. Let’s join forces today and keep the HVCC from permanently harming the independent appraisal process.

If you would like more information about this issue or about CAMB government affairs efforts, please contact the CAMB Government Affairs team at (916) 448-8236 .