I saw an article in Reverse Mortgage Daily yesterday with this same headline, minus the questions mark. What is the point of eliminating HVCC and not the AMCs, when the AMCs are the real problem here. The Home Valuation Code of Conduct DOES NOT require the use of AMCs, so why aren't they eliminating the true problem?
We will soon have a new enforcement department that will create procedures for AMCs to follow. These include making sure the appraiser gets paid more of the fee, and others. But the buyers, borrowers, mortgage professionals, and the realtors are still going to get hit with the news more often than we would like:
"SORRY, WE CANT CLOSE BECAUSE THE APPRAISER FROM THE AMC GAVE US A VALUE THAT IS MUCH LESS THAN NEEDED!"
I stongly urge everybody in the industry to find those Mortgage Lenders in your area who ARE NOT subject to AMCs. AMCs are mandatory for Brokers and for the large lenders, but not smaller lenders who know how to be in compliance with the law, but also know that you need relationships with appraisers to succeed in this business.
Your Miami Mortgage Expert