THE DAILY RAMBLE: MORE Acronyms To Confuse: First It Was HVCC, Now There Is IVPI
Yes folks the government in its infinite wisdom insists on confusing the public with acronyms guaranteed to put you to sleep. That isn’t to say that the underlying organization is bad, it is just that the government seems to have to make it more difficult than it has to be.
By now you know what HVCC is, if you do not you need to read deedsandleases.com more often. The Home Valuation Code of Confusion (I mean CONDUCT), is a well intentioned but faulty piece of junk dreamed up by our own Andrew Cuomo. Philosophically it is a wonderful thing; but its application is terrible and has suppressed the recovery with AMC’s and poorly thought out regulations.
Enter the next phase of confusion: the IVPI: the INDEPENDENT VALUATION PROTECTION INSTITUTE. Wow, sounds great doesn’t it!! Again, it sounds great: a central clearinghouse for you to file complaints against your appraiser.
Here is the problem; if you have experienced a negligent or incompetent appraiser (and if you have spent any tine in the real estate business, you have trust me). It is no different from bad brokers), you have recourse with the Department of State, who licenses all appraisers.
Now, we have the IPVI, which when it opens in November will allow you to rat out your appraiser, if for no other reason that the value of the house you want to buy does not agree with what you want to pay. The appraiser could be wrong, or you could be overpaying. Unfortunately now the appraiser has to defend against possibly spurious charges far more frequently than in the past. Believe me, if the appraiser screws up, you do not need the IVPI to complain.
The following is a release from the Appraisal Institute.
| Fannie, Freddie Provide Update on Status of IVPI Fannie Mae and Freddie Mac provided a Sept. 30 update on development of the Independent Valuation Protection Institute that is to be created under the terms of the cooperation agreement that also established the Home Valuation Code of Conduct. Under the agreement signed by Freddie Mac and Fannie Mae, the IVPI is to receive complaints related to potential non-compliance with the HVCC.
While the IVPI has not yet been established, an interim Web site is being created to receive and register complaints from appraisers, individuals and other entities on non-compliance with the HVCC. That interim Web site, to be located at www.ivpicomplaint.org , will be launched in November. A sample complaint form that will be used for complaint submissions is now available for preview at www.freddiemac.com/singlefamily/pdf/IVPI-HVCC.SampleComplaintForm.pdf . However, the form may not be used to submit complaints until the interim Web site is launched in November.
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