Real estate blog entries tagged with hvcc by Eleanor Thorne 919-649-5057 Cary Mortgage Loans (Steve Thorne NC Mortgage Experts)

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Home : Blogs : Eleanor Thorne 919-649-5057 Cary Mortgage Loans : Eleanor's RTP Blog : Tag "hvcc"

hvcc: New Appraisal Guidelines from Fannie and Freddie 6-30-2010 - 07/07/10 06:23 PM

On February 15, 2010 The Federal Housing Administration adopted new appraisal guidelines that include "geographic competency" requirements. Effective June 30, 2010 Fannie Mae adopted similar requirements, a move that we think is important.
The HVCC ruling came from NY Attorney General Cuomo and it is intended to protect appraisers from coercion from lenders. Since May of 2009, large banks have been using the HVCC (Home Valuation Code of Conduct) as a way to create "revenue" centers. Because the ruling prohibits lenders to SPEAK to an appraiser (or email, txt whatever) Big Banks set up "companies" that collect (for instance) $450 for an appraisal, and then pay the … (43 comments)

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