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April 2008 |
A Publication of ELLIOTT®
& Company Appraisers |
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ELLIOTT® OFFERS APPRAISER FIREWALL TO BANKS |
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 Due to an agreement between Fannie Mae,
Freddie Mac, the Office of Federal Housing Enterprise Oversight and the
New York Attorney General's office, which established the Home Valuation
Code of Conduct, ELLIOTT® is introducing an appraiser firewall service
for financial institutions that wish to ensure they are in compliance
with the upcoming set of rules.
This appraisal management service, Compliance Plus, is tailor-made for
banks wishing to distance themselves from the issue of appraiser
pressure and the associated regulatory and market pressures. It is
designed to provide our mortgage-lending clients with a safe,
defensible, economical and efficient alternative method of complying
with appraiser independence mandates, imposed upon them by federal
regulatory agencies and government sponsored enterprises (GSEs).
"Clients who take advantage of Compliance Plus are relieved of the
concern of any need to develop an in-house system or worry about
difficult-to-implement policies on this complex situation," said Carlyle
Holt, Director of Client Services at ELLIOTT. "We offer banks a
clean-cut firewall service, which insulates appraisers and addresses
mandates imposed by government agencies and GSEs."
For further information call ELLIOTT's Client Services Department at
(800) 854-5889. |
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INDEPENDENT VALUATION PROTECTION
INSTITUTE FORMED |
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In addition to creating the Home Valuation
Code of Conduct, the recent agreement between Fannie Mae, Freddie Mac,
the Office of Federal Housing Enterprise Oversight and New York State
Attorney General Andrew Cuomo also called for the formation of the
Independent Valuation Protection Institute. Fannie Mae and Freddie Mac
have agreed to fund this new entity by providing a combined $24 million.
The funding is guaranteed for at least five years. |
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 QUESTION:
If an appraiser is told the property he or she is appraising is
listed for sale on the Internet, must the appraiser check the
site and note the asking price in the appraisal report?
MARTITIA: Yes, the appraiser must analyze the Internet
listing, as well as any other listing or offering and report the
information within the report. An Internet listing is available
to the public and, therefore, available to the appraiser in his
or her normal course of business.
Martitia Mortimer, Elliott's
executive vice president, will be answering appraisal questions
on a regular basis in Elliott Appraisal News. |
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 QUOTES
OF WIT & WISDOMS
"When we are planning for posterity,
we ought to remember that virtue is not hereditary." -- Thomas
Paine
"Originality is the fine art of remembering what you hear, but
forgetting where you heard it." -- Laurence Peter
"There is only one thing a philosopher can be relied upon to do,
and that is to contradict other philosophers."
-- William James
"Liars, when they speak the truth, are not believed." --
Aristotle
"I wonder if other dogs think poodles are members of a weird
religious cult."
-- Rita Rudner
"To succeed as a team is to hold all members accountable for
their expertise."
-- Mitchell Caplan
"A bore is a man who, when you ask him how he is, tells you."
-- Bert Leston Taylor
"We make a living by what we get; we make life by what we give."
-- Winston Churchill
"It is the province of knowledge to speak and it is the privilege
of wisdom to listen."
--Oliver Wendell Holmes
"There are two kinds of light, the glow that illuminates and the
glare that obscures."
--James Thurber |
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