REVVA Reacts to FHFA Study
…the methodology, measures of quality, errors & the insertion of staff opinion seems to indicate bias….
REVVA responds to the FHFA study indicating AMCs bring little value.
Mark Schiffman, Executive Director of REVAA, stated to Jacob Gafney, Editor of HousingWire, via email:
“We are disappointed that AMCs and lenders were not consulted at the outset of this research so that we could have help ensure sound methodology. We are also disappointed not to have had the chance to discuss this research with the FHFA before it was distributed publicly.
This is not a final report of any kind from the FHFA, it is a “staff working paper,” which according to the FHFA is a “preliminary product circulated to stimulate discussion and critical comment.”
We urge caution in taking away anything conclusive about the staff working paper at this time, other than the fact that it concludes that lenders that use an AMC to provide quality control before an appraisal is submitted to a GSE is comparable to a lender that did not use the services of an AMC for quality control. In either case, the appraiser never submits an appraisal report directly to the GSE – it first undergoes quality assurance, whether it is provided by the lender or the AMC.
Our review of the research has uncovered real concerns about the methodology, measures of quality, errors and the insertion of staff opinion that seems to indicate bias. REVAA is documenting its concerns and plans to speak to the FHFA about these matters.”
Read the entire article on HousingWire.
Reminder: ASC Meeting April 23rd concerning the TriStar Bank Waiver Request:
The Appraisal Subcommittee meeting scheduled for April 12th concerning TriStar Bank’s appraisal waiver request has been rescheduled for April 23rd in Washington DC.
All appraisers that are able to attend, please do so. You must preregister for the meeting at least four days prior for security clearance into the Federal Reserve Building.
See the announcement and instructions here.
Do you know Meghan Milloy?
Meghan is the Director of Financial Services at the American Action Forum. She authored the article Where are the GSEs 10 Years After The Financial Crisis”. The article was published yesterday. The article is an excellent synopsis of the reality most consumers are unaware of. VaCAP encourages everyone not only read the article, but forward it to every person you know.
VaCAP’s “Postcards From The Road” Program has come to an end for the first quarter. So many great photos were submitted it was difficult to pick a winner. The winning photo, along with the two runner ups have been posted on our website. Take a look here to see who the winner is.
The second quarter contest has begin and will end on June 30th. Please continue to submit your photos. The contest rules and submission guidelines can be found here.