'Hope Cuomo is happy ...'

Re: 'Fannie, Freddie to field HVCC complaints' (May 20)

Dear Editor:

I am a certified appraiser and I can tell you a few things. The pressure only shifted from the lender to the AMC (appraisal management company). If the AMC didn't get satisfied, no more work was forthcoming (just like the lenders were doing and have always done). All the while they charged a fee to the lender that the appraiser was not made aware of and, as it ends up, orders are put out to the lowest bidder with some as low as $125 for a full 1004 including the 1004mc.

AMCs are not required to be licensed appraisers, have no accountability, credibility, liability or responsibility, and yet they take the appraiser's fee, as much as 75 percent, thanks to Cuomo. If someone took Andy's income, he would have them jailed in a heartbeat, but for some reason he had no problem stealing the income of appraisers all in the name of consumer protection. He should be sued to the maximum extent of the law for theft and driving appraisers into bankruptcy and loss of assets but of course, he is protected so lawsuits likely would not prevail.

We are paid for our expert opinion and then told our opinion is wrong because it doesn't coincide with their opinion, meaning the lender or the seller or the buyer's opinion. It is our responsibility to render a value conclusion based on available, verified data so as to inform and protect the client? That is why we have USPAP. Appraisers also cannot advocate for a client, period. Maybe they should be ordering valuations before a deal is made.

Next, and most important. Many appraisers have been put out of business, had their clients stolen because of Andrew Cuomo's HVCC -- and I'm one of them. Many appraisers have also been pushed into bankruptcy because of this. Fannie and Freddie are destined to die if Barney Frank has anything to say about them so not implementing the (Independent Valuation Protection Institute) is a good decision. Also Mr. DelMarco letting Cuomo know he is not the beginning and the end in appraisal was a good thing. I wrote to his office many times and they just send back form letters. I suppose Mr. DelMarco should not be surprised if Cuomo's response is also a form letter.

Next, if (the Home Valuation Code of Conduct) is due to expire in November 2010, why would Fannie and Freddie go through the trouble to make up a complaints department for violation of a non-existent HVCC? Let's face it. The golden rule has always prevailed. "The ones with the gold make the rules" and appraisers having a place to complain about pressure from lenders will fall on deaf ears. Fannie and Freddie will never follow up on appraisers complaints anyway after all their customers are the lenders that sell to them.

Another thing, fraud is up 50 percent as reported recently on a news article. HVCC did nothing to curtail it, crooks are crooks and they find ways to justify fraud. It did, however, manage to put a lot of appraisers out of business. Hope Cuomo is happy now that he screwed up so many people's lives.

Pamela L. Stanford
Pamela L. Stanford Appraisals
Fernley, Nev.

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