The National Association of Mortgage Brokers said it has received thousands of complaints from its members as well as appraisers, Realtors, and consumers concerning Home Valuation Code of Conduct rules promulgated by the GSEs. Loan brokers, in particular, don't like the rule because it takes them directly out the appraisal process, ceding that function to appraisal management firms. "One of the major problems caused by the HVCC is inaccurate appraisals, which are lowering house prices," the trade group said. It said some of the complaints received over the HVCC consistently describe out-of-area appraisers unfamiliar with the neighborhood being contracted to appraise homes."
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