Wednesday, April 7, 2010

NAR Calls for Implementation of IVPI

by Jerome Nagy

On April 6, 2010, the National Association of REALTORS (NAR)® President Vicki Cox Golder sent a letter to Federal Housing Finance Agency (FHFA) Interim Director Edward J. DeMarco asking that the government sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, implement the Independent Valuation Protection Institute (IVPI).

Stating that the IVPI is a critical part of the HVCC, NAR said that it would complement already existing appraisal regulatory bodies at the state and federal levels. The IVPI should be implemented to fulfill the implementation of HVCC and to help address unintended consequences created by the Code. Further, the IVPI will be positioned to work with appraisal organizations and state regulatory agencies to ensure the independence of appraisers and the integrity of the appraisal process.

In 2009 Fannie Mae published the IVPI Interim Complaint Form. According to the Fannie Mae announcement, the form would be found on an interim IVPI complaint Web site until the IVPI could be fully implemented. The Web site was to be operational by November 2009. At the latest meeting of the Appraisal Foundation Advisory Committee (TAFAC) meeting in March, Fannie Mae stated that the IVPI Interim Complaint form had been withdrawn at the request of their regulator.


Editorial: I don't believe for a minute that there was ever any intent to create a way to deal with appraiser complaints. HVCC was created to enable Andrew Cuomo's powerful buddies at the GSEs to escape the public scrutiny that investigation or a trial would bring, and enabled the wave of press propaganda blaming appraisers and mortgage brokers for the subprime debacle.

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