Last year Appraisal Scoop ran a series on Black Listing and Do Not Use Lists. It was a popular series because it featured actual cases of Black Listing supplied by appraisers around the country.
The series differentiated between the two lists: Do Not Use Lists, and Black Lists. Do Not Use Lists, properly maintained, properly screened, with notification to the appraiser and defined recourse procedures are good for the lenders and the appraiser profession. Black Lists are not properly screened, have no notification or recourse procedures, and are bad for the appraiser profession.
The Appraisal Scoop's "Black Listing" Series Made a Difference - The New York Attorney General's office called me in 2007 to discuss the series and the examples of Black Listing we presented in the series.
While I couldn't reveal the parties in each case presented (we had redacted the names of the lenders and appraisers involved in each case), I did agree to contact each of the appraisers involved and give them the opportunity to contact the New York Attorney General's office to share their stories. I do not know how many actually made that call..
Then in March of 2008 the agreements between the GSEs and Cuomo were announced, as well as the publication of the proposed Home Valuation Code of Conduct (HVCC), intended to become effective January 1, 2009. Those agreements and the proposed HVCC promise to have significant positive impact on the Lending Industry and the Appraisal Profession.
- Home Value Protection Program (Fannie Mae)
- Home Value Protection Program (Freddie Mac)
- Home Valuation Code of Conduct
- Listen to Press Release Audio