NAMB Immediate Past President and full-time HVCC opponent Marc Savitt met with members of New York Attorney General Andrew Cuomo’s staff this week presenting them with thousands of petitions from real estate professionals complaining about the aforementioned whatever it is (it’s not law, btw).
The Cuomoiams did say that the AG is open to renegotiating the current system. That’s the good news, but the more important thing is to ask how the AG of NY will be able to re-influence all those that need to implement any changes that are agreed upon.
I do believe that Fannie Mae and Freddie Mac can act independently of the NYAG’s office and change HVCC on the fly.
Also, the lenders themselves can eliminate the layer of appraisal management and go to a system where they approve the appraiser and a blind system assigns the appraisal based on the location and what location the appraiser is familiar with.
Sound familiar? Yes, that’s the way VA does it now and the way that FHA used to do it.
Yea, we have/had some issues with those systems, but it is 1000 times better than what we have now, would save money for the client and it would make the appraisal transportable to other companies.
Wow! It’s 1988 all over again. Sweet!
Have a good holiday all. Try not to overload on turkey, football and wine!