This article is a mash-up of old news. And the assertion that there is a "new Independent Valuation Protection Institute" is incorrect. This aspect of the HVCC has yet to be implemented. Without it the HVCC has no teeth, just the way the bankers want it.
The article seems to suggest that fully independent AMCs are the answer, when in fact we are seeing the decimation of the appraisal industry as well educated seasoned appraisers refuse to work for the very low paying AMCs, and are leaving the industry altogether.
I agree with Tobby but the more articles written about what is really going on can't be bad. Many good appraisers have left the business due to AMC's paying $175-$200 for a full report and only $35 for a desk review.
I'm with an AMC that is different and until they make it law that the banks and AMC's must be separated, most appraisals will not be accurate.
BOA and the others need to cut the ties before they get the kind of reputation they cannot recover from.
AMC's aside, I've been very relieved not to get on the phone with a loan officer every time the value doesn't work out. From 2000 on, the mortgage industry was completely out of control and we're all living with the consequences today (and probably the next 5-10 years). While difficult for many, this "cold turkey" separation between appraiser/lender is simply a return to sound underwriting practices. It hurts, but so does being addicted to credit for a decade.
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