Hey there-

I have a "super broker" that broher's out to bigger companies, that is required to meet HVCC conditions for the FANNIE/FREDDIE appraisal orders- and they have set up a system to order out their appraisals from a national company. So that's cool.

But, they are not complying with the 2nd half of the reg- at least I don't read it as such. The 2nd half says that the borrower gets a copuy of the appraisal 3 business days prior to closing the loan. As the appriasal is often times the last item we get, the timing of this is everything.

What I am coming up against with the super broker is that we are being asked to provide the proof. Does anyone have a form they have used that they would like to share? I want to be sure we have met the spirit of the law, but not be overly wordy....

What I have seen with direct lenders is that they provide the borrowers with the appraisal and they send us a copy of a form letter to get signed...but not with this super broker.

Also, what are you guys experiencing with HVCC? I am seeing rates for appraisals jump thru the roof and service REALLY stink!
What do you all think? Thanks in advance for all your support!

I don't know of a form but I do know that the appraisers seem to be passing the cost of a lack of business onto the customers. I've gotten so tired of the knee jerk legislation that ultimately just hurts consumers! I'll see what I can find that might help out...

It's certainly the truth. Service suffers and the cost is going up. Often the assighned appriser has no idea what is going on in local markets and some deals get turned down because of unnecessary "declining values" We need to have loan originators and consumers voice their outrage thru letters to your senate and house repersentatives. The HVCC is not solving any problems for the consumer .

I am hearing that companies are paying attention to the issues- I still have declining markets hitting my appraisals, but not quite so badly. And I have to say- we have an area that is REALLY badly hit in our area- it was DEATH for appraisals, if the zip code even hinted that it was in Happy Valley (nicknamed Death Valey here)- you could just mark your value down 50% and then some. we had a LOT of builders in that area who went nuts and overbuilt- and so there were auctions for sevreal large subdivisions and houses went for 50% or less than cost to build). The problem is that Happy Valley is a large rural area and there are areas not hit with declining values)- well now that we are having to use HVCC, we are not getting that conotation. So one upside...