The Editors of SourceMedia's Mortgage Group Present:
Home Valuation Code of Conduct: One Month Later - What's Working, What's Not.
Web Seminar Available On Demand Cost: $99 Register Now
The controversial Home Valuation Code of Conduct (HVCC) went into effect on May 1 and changes the rules for mortgage appraisals. With the new rules, any appraisal previously ordered by the mortgage broker, mortgage banker or real estate agent during origination must now be ordered by the lender or an authorized third party including but not limited to appraisal companies, Appraisal Management Companies (AMCs) and correspondent lenders. This is a huge change for brokers, bankers and agents. If you originate loans or are paid a commission for loans, you can no longer communicate directly with the appraiser. The new code specifically refers to loans purchased by Fannie Mae and Freddie Mac - which together represent roughly 85% of U.S. mortgages. Tune in to hear about and discuss:
What has been the impact on the lending community? What challenges remain and how are they being solved? How are appraisers adapting their business to the change? Best practices for working with the AMCs. Is fraud on the decline due to the changes? Will there be modifications to HVCC?
Speaking panel: Alan Hummel, Forsythe Appraisals, LLC, SRA – Senior Vice President, Chief Appraiser For 23 years as President and CEO of Iowa Residential Appraisal Company, Alan provided his clients—from Des Moines to the Twin Cities—solutions to an equally broad variety of real estate issues. During this time, Alan served as the National President of the Appraisal Institute and as a member of their executive committee and board of directors. He has testified before the U.S. Senate and the U.S. House of Representatives on mortgage fraud and appraisal issues. As Forsythe's chief appraiser, Alan is integral to Forsythe’s continued growth—as a company and an industry leader. At any given moment, you’ll find him busy spearheading quality control or mentoring the next generation of Forsythe appraisal experts. And he continues to be invited to speak nationwide on these and other topics, from predatory lending and technology-related issues to banking associations and numerous real estate industry groups. Tony Pistilli, Chief Retail Appraiser and Vice-President of Consumer Banking Risk Management, US Bank For over 20 years, Tony Pistilli has been involved in the real estate appraising and lending industries. Currently, Tony is Chief Retail Appraiser and Vice-President of Consumer Banking Risk Management at US Bank. His responsibilities include ensuring the compliance of valuation products, policies and procedures with federal regulatory agencies. Currently he is leading the project to centralize the appraisal process among all business lines within the bank. Prior to joining US Bank, Tony was President of Park Appraisal Service and has work at several mortgage companies and the Department of Housing and Urban Development. Tony is vice-chair of the Minnesota Real Estate Appraiser Advisory Board. Brian C. Coester, CEO, Coester Appraisal Group, a nationwide appraisal company Brian was introduced to the appraisal industry at a very young age. He has studied the industry in depth and is an advisor and consultant for mortgage companies for both the primary and secondary market. He has taken Coester Appraisal Group from a local residential appraisal firm completing appraisals in the Washington D.C. metro area to a highly respected national firm with well known clients throughout the country. He is also the Chairman of Valuesafe a Collateral Risk Management company that handles reviews and due diligence for banks and hedge funds. He is a former college football player who studied at the University of Tennessee as well as the University of Maryland College Park where he majored in business and finance. He is currently a practicing martial arts enthusiast and mixed martial arts fighter. Moderator: Brad Finkelstein is the managing editor of Origination News and associate editor of National Mortgage News Brad Finkelstein is the managing editor of Origination News and associate editor of National Mortgage News, both part of the SourceMedia Mortgage Group. He is also the editor of Broker Universe.com. Among his areas of coverage are wholesale lending, appraisals, mortgage insurance and title insurance. Mr. Finkelstein has been with NMN since May 1990. Prior to that he was the associate editor of the Airport Press in Jamaica, N.Y., and a reporter for This Week Publications on Long Island. He is a past president of the New York Financial Writers Association. Mr. Finkelstein resides in Belle Harbor, N.Y., with his wife Sandra and sons Jeremy and Zachary. Invite your colleagues to join you!
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