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By Vineeta Ribeiro
Special to the Rappahanrtrxk News
Real estate agents in Rappahannock and neighboring counties have differing views on a new national regulation forbiding mortgage brokers and real estate agents from selecting appraisers * The agreement is bom from the premise that a conflict of interest among Realtors, lenders, and appraisers partially spawned the housing bubble which has burst with devastating effect.
The Home Valuation Code of Conduct (HVCCb which became effective May 1, is an effort to establish appraiser independence. Its standards prohibit loan-production staff from selecting, retaining, recommending. or influencing the selection of an appraiser for an assignment.
They are forbidden from having any substantive conversation with an appraiser or appraisal management company regarding valuation. Lenders are. however, permitted to use “in house" staff appraisers.
Rick Kohler, a real estate agent, of Real Estate III in Washington, said in an interview he thinks the regulation has to do with the Consumer Real Estate Settlement Protection Act iCRESPA) of 1997, whit h “stated that Realtors could not force a buyer or seller to use another company that they were affiliated with, basically to help the consumer," Kohler said
“I suspect that this is following a similar guideline and I think it's appropriate. When all of the lending scandals occurred over the past years, the market got over heated This is just an attempt to control that.”
Charlie Ebbets of Long and Foster in Fauquier feels differently In real estate for nearly 40 years. Ebbets said the HYCC is “the government getting over-involved in every aspect of our lives by tmng to overprotect everybody"
Ebbets sees two distinct problems in the forced distance with appraisers.
The first stems from appraisers coming from out of the area.
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