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We listened to customer feedback and put it into action! We’ve spent the last few months enhancing various aspects of our site, with the goal of making your visit as efficient and informative as possible.
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We want your continuing education experience to be as rich and enjoyable as it can be. We’ve given the site a friendlier face, with helpful features and improved site navigation that put all the information you need right at your fingertips.
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In a move that confirmed industry suspicions, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will not be funding the Independent Valuation Protection Institute (IVPI), as provided for in the Home Valuation Code of Conduct (HVCC). This essentially means that the IVPI will not be created, despite the agreement between Fannie, Freddie, and NY AG Andrew Cuomo.
In a news release, FHFA Acting Director Edward J. DeMarco stated, “As conservator for Fannie Mae and Freddie Mac, our priority is to keep the Enterprises focused on the important role they play in supporting the mortgage market. The need for a complaint process is being addressed in a way that we believe is more practical than with the Institute.” Instead, Fannie Mae and Freddie Mac will unveil a complaint process to address suspected violations of the HVCC “within the next few weeks.”
There was much to be gained from the Association of Appraisal Regulatory Officials (AARO) conference which was held in May in San Diego. I mean, when you put several dozen appraisal regulators, representatives from appraisal organizations, AMCs, attorneys, and appraisal education companies all together in the same room, you’re going to get magic. (Okay, in fairness, you’re going to get a lot of hot air, also.)
One of the particularly enlightening speakers was Barry Shea, who is a current member of the Appraisal Standards Board (that’s right, the folks who are responsible for USPAP).
Mr. Shea provided an interesting take on the new 2010 USPAP requirement that an appraiser must disclose to a prospective client any prior services provided by the appraiser relating to the subject property, and must provide an additional disclosure in the certification.
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