Preparing to work with Appraisal Management Companies in the current economic environment is becoming more and more critical by the day. The Home Valuation Code of Conduct (aka the HVCC) will eliminate all direct contact between lenders and appraisers for appraisals that are ordered for all loans to be sold to Fannie Mae and Freddie Mac. The HVCC was originally slated to go into effect on January 1st, 2009 yet has been postponed per James Lockhart, the director of the new Federal Housing Finance Agency (FHFA). He told the House Financial Service Committee that the January 1st deadline may be delayed 1 to 3 months and that potential changes to the agreement are still being worked out but that they will be out shortly. You can listen to a webcast of the hearing here. (Requires Windows Media Player)
Although it has been delayed, the HVCC is still going to happen soon and appraisers need to prepare for it now. The appraisal companies who will strive during the tough times ahead in our industry are the ones currently preparing themselves in advance of the HVCC going into effect by getting on a good handful of AMC rosters. AMC lists can be limited to a certain number of appraisers in marketing areas making it critical to be on our list so you will be notified of new Appraisal Management Companies as we find them.
Appraisal companies across the country are going under every day due to their failure to conform with the changing times. Appraisal Management Companies are becoming more and more the main sources of mortgage lending appraisal work and will likely be the only source of lending/mortgage appraisal related work down the road. The striving companies are diversifying their client lists by getting on as many AMC lists as they can. One major benefit to this tactic is that it allows appraisers more freedom to demand higher higher fees and reject work from bottom feeder AMC's that won't pay appraisers for what they are worth.
By purchasing a subscription to our site, you will get unlimited access to the largest updated list of Appraisal Management Companies and REO (Real Estate Owned) companies to pick and choose from. You will be able to get on many lists that your competition is most likely not even aware of as we will notify you immediately of any new Appraisal Management Companies as they are added to our database.