ASK DAN: Feeling Pressured in the Midwest

Dear Dan,

I need to know how to file a complaint against a real estate agent for appraisal pressure.  If you can, would you send me or call me with that information on how to achieve that?  Thanks for any and all assistance in this matter.

….Feeling Pressured in the Midwest

Dear Pressured,

Thanks for placing your confidence in McKISSOCK to answer your question.   Unfortunately, there is no single entity to turn to in filing a complaint of this type.  One of the components of the HVCC was to be the establishment of an Independent Valuation Protection Institute. The (IVPI) was intended to be an entity to which complaints such as yours could be addressed.  Alas, it is apparent now that the IVPI will never be created.

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FHFA Confirms It: IVPI Will Never Hatch

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.”

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