New appraisal code needs work  August 8, 2009   Buying and
selling real estate takes sharp peripheral vision. You focus on
the events in front of you, only to find you aren't seeing what
clearly affects you most. Unfortunately, many events have ripple
effects. One of these events -- the financial crisis -- has
prompted a number of changes. One change is the Home Valuation
Code of Conduct (HVCC), enacted May 1, 2009, in response to
concerns that appraisers were being unduly influenced by outside
forces. It was hoped that the HVCC would provide guidelines to
insure appraiser independence. One safeguard in the HVCC
required that someone uninvolved and independent of the mortgage
loan process select the appraiser. Thus emerged a new entity,
the Appraisal Management Company (AMC). Buyers, sellers or
Realtors no longer have any input regarding appraisers. The most
restrictions are on employees involved with the mortgage lending
process; they are not allowed to have an appraisal-related
conversation with either the