Organizational Committee Issues Q&A and Endorsement Letter for the Alternative Dodd/Crowley IVPI Proposal

According to George W. Dodd, SRA, he and his committee (Download DC_IVPI_Members.pdf) have developed an Independent Valuation Protection Institute (IVPI) proposal that outlines and offers an alternative to the IVPI agreed to by Cuomo and the GSEs - Fannie Mae and Freddie Mac.

The Dodd/Crowley IVPI proposal dated March 17,2008 - (Download IVPI_Proposal.pdf ):

1. Provides significant improvements over the current ordering, processing, and review of appraisals. 
2. Establishes the “Vault” which will provide the ability to maintain the appraisal reports in an environment that is free from fraud and abuse.
3. And provides a central location that Investors can access to verify authenticity an appraisal.

Over the past three weeks, the IVPI Organizational Committee has reviewed hundreds of forum postings, emails, and private messages to committee members on those key topics and more.  Naturally there that been many, many question on the details of the plan and how it would effect both individual appraisers and appraisal firms.

From appraiser comments, the committee has developed a consensus opinion of the Core Issues with the Dodd/Crowley IVPI.  They've addressed five of them in their first in a series of IVPI Proposal Q&A's.

Dodd/Crowley Independent Valuation Protection Institute (IPVI) Q&A #1:  Download IVPI_Questions_And_Answers.pdf

The Committee assures readers: Questions which have not been addressed in this Q&A are under review, consideration, and in-depth discussion on a daily basis. Subsequent Q&A's will address those concerns and be published on the Appraisal Scoop blog.

Click here for "IVPI Contacts" and the IVPI "Endorsement Letter"

The Organizational Committee of the Dodd/Crowley IVPI Proposal has begun to break down into smaller focus groups to address more of the appraiser concerns in upcoming IPVI Proposal Q&A's

Key IPVI Organizational Committee Group Members are:

• George Dodd: GeorgeDodd@comcast.com
• Pam Crowley: pamc@mortgagefraudwatchlist.org
• George Hatch: ghatchappraisals@hotmail.com
• Ken Rossman: kenr@optonline.net

• Full List: Download DC_IVPI_Members.pdf

According to the IPVI Organizational Committee, David Berenbaum: dberenbaum@ncrc.org - of the NCRC's National Neighbors/Fair Lending - Housing/Legal Issues committee has also worked with the IVPI committee and endorses it's efforts.

Would YOU like to join the effort and endorse the plan?!

Download Dodd_Crowley_IVPI_Endorsement_Letter.pdf

The IVPI Organizational Committee has provided you with an Endorsement Letter that can be signed and sent to the NY AG, OFHEO, Fannie Mae and Freddie Mac. (see list below)

In part the letter states:

I received, reviewed, and concur with all, or mostly all, of the assertions, opinions, and conclusions contained in the Home Valuation Protection Program and the Cooperation Agreement and enthusiastically support the organizational plan submitted by the IVPI organizational committee dated March 17, 2008, to meet those objectives.

Who do I send the IPVI Endorsement Letter to?

Comments may be sent as provided below:

• For Freddie Mac: Comments should be submitted through the online form on the Enterprise’s website at:  http://www.freddiemac.com/singlefami...valuation.html
• For Fannie Mae: Comments should be submitted through the online comment form at https://www.efanniemae.com/go/appraisalcomment.jsp
• For additional information and the comment form, use: https://www.efanniemae.com/sf/guides...code/index.jsp

NY State Attorney General Cuomo

• http://www.oag.state.ny.us/contact.html
• http://www.oag.state.ny.us/online_forms/email_ag.jsp

Office of Thrift Supervision

• http://www.ots.treas.gov/resultsort....&dl=104&edit=0
• http://www.ots.treas.gov/resultsort....&dl=103&edit=0
• http://www.ots.treas.gov/resultsort....&dl=102&edit=0

Send your comments to Ken Harney here:

• KenHarney@earthlink.net

MBA Board of Directors:

• http://www.mortgagebankers.org/roster/default.aspx?id=ros34873

Email Comments on the AG/GSE AGREEMENT and IVPI PROPOSAL to:

• http://www.mortgagebankers.org/roste...px?id=ros30388
• New York President Gene Tricozzi Northern Funding Corp.518-371-6886/518-371-5103 genet@northernfundingcorp.com
• Executive Richard Byrne NYAMB 914-332-6233/          914-332-1541         rbyrne@taminc.com
• Staff Edie Tella NYAMB 914-332-6233/ 914-332-1541etella@taminc.com

Author: Ken Rossman - Ken Rossman: Appraiser Marketing Part 1: Getting the biggest bang for your bucks! discussed how appraisers need to survey their clients to find out what their What's In It For Me! triggers are.  For more information about All Area: click here