There are some new regulations coming down the pike on May 1st - namely the HVCC, or Home Valuation Code of Conduct. The history of the code can be found by clicking HERE. I won't bore you will all the details - but rather sum it up for those not in the know:
Upon implementation of the HVCC, lenders will now have to have a "firewall" between the ordering parties of an appraisal and an appraisal office (or person). No more direct ordering from the loan officer or mortgage broker, etc. There are some loopholes in the code and it is a major topic of discussion around appraiser circles - as we wonder what will become of our industry in the coming year.
On a lighter note - I received a call from a woman looking to place an order with "Amc Appraisals". I said, "Sure - I can help you. Would you like to fax an order, or place it over my web site"
She began to question me about who I was, and was she ordering this from the right company. Long story short, she was a mortgage broker from Virginia, needing to order an appraisal in Florida. When she Googles "AMC" and Appraisals" and "Florida" - my site came up #1. Go ahead, try it out!
No, she didn't HAVE to order it from my company, she needed an "amc" or "Appraisal Management Company" who serviced Florida. I wasn't about to clue here in- I could use the extra order these days!
In the end, she did some more digging and found out it wasn't MY company she needed to order through - but rather one of the approved AMCs for Flagstar!
I realized though, that naming my appraisal company after my three daughters (Amorandah, Manessa, and Cannah), just might produce me more business in the end! I am NOT an appraisal management company either...just a one person appraisal firm, working from my home, wanting to provide professional, credible appraisal reports. But it has got me thinking........
I had a good laugh about it - and realized, perhaps sometimes, unintentional actions (like naming my appraisal practice after my kids) can have a good outcome after all!
Make it a productive day
;)
;)
I worked for telecoms for years... the biggest and best trick that I remember were long distance carriers that named themselves 'however' or 'whatever' or even 'I don't care' telecom, because when the LEC (like Qwest or Bell South) would ask 'who do you want for your long distance?'... if a customer would answer with any of the fore-quoted phrases the LEC would actually use those carriers -
The name game is a strange and wonderous world!