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appraisals: HVCC - Crucial Update on House Bill 3044 for putting a moratorium on HVCC - 08/18/09 09:55 PM
I signed the petition for putting a 1.5 year moratorium on HVCC. I received an update as an exciting bill intends to put a pause in the executin of this bill.
HVCC Continues to devastate home values across the US. There is a fear that with higher Fannie and Freddie loan limits it will carry through to our former "jumbo" markets, leading the country even further into recession. Representatives Childers (D-MS) and Miller (R-CA) introduced legislation (H.R. 3044) requesting an 18 month moratorium on the Home Valuation Code of Conduct (HVCC).
H.R. 3044 now has over 54 co-sponsors and now is … (6 comments)
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appraisals: Appraisal Insurance???? With HVCC we need it PART I - 08/08/09 10:59 AM
HVCC Sucks...this program has cost me a lot of money. But more importantly HVCC has blow a lot of deals due to inept appraisers. Through the random appraiser ordering selection process, bad appraisers are being selected and good appraisers are being neglected.
For Example: the HVCC selection gods sent an appraiser from Illinois to appraise a home in Milwaukee. For those of you who are geographically challenged, that's in Wisconsin! The appraiser appraises a 4 bedroom home as a two bedroom home. This particular appraiser was blacklisted by our company, but found new life under HVCC law and has now a booming … (12 comments)
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appraisals: 1 Month Review of the HVCC Appraisal Changes - What Realtors, Lenders and Consumers Need to Know - 06/02/09 10:23 PM
I was going to make this a one line post and say that this law STINKS and leave it at that. But in fairness to the consumers, realtors, lenders and everyone else out in the lending sphere, the law review needs some elaboration.
HVCC was created to take the originating task force out of the way of influencing appraisal values. The real truth is that it rarely happened. I'd say that less than 3% of the lenders were unscrupulous, but as the expression goes the whole suffers because of the sins of the few. Needless to say, those that are suffering … (43 comments)
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appraisals: Why Hasn't Zillow Been Euthanized Yet? - 05/18/09 09:24 AM
I get so irritated with this new HVCC bill. Basically, it's the bill that says that mortgage production staff can't contact the appraiser to order the appraisal. The beauty of the "old way" was that the consumer didn't have to order an appraisal, i.e., shell out $350 to kick the tires. No, in days of yore we could tell the appraiser that the consumer wants to refi. The consumer believes that the house is worth X dollars. Mr. Appraiser, do you think that the consumer is being reasonable? Invariably the appraiser would say, "
yes...that seems about right or no, your … (10 comments)
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appraisals: Appraisal Process Changing Now - - - Effective May 1, 2009 - 05/04/09 08:25 AM
This is a re-write of a blog that I did a in February...but D-day is here and it's important for the public to know how Fannie and Freddie are changing the way that appraisals are handled.
The Home Valuation Code of Conduct (HVCC) beginning May 1, 2009 on all conventional loans. Complying with the HVCC is going to be challenging for all parties involved because a vital component of the communication between borrower, realtor, and appraiser has been removed. Filling that communication gap will certainly prove to be the largest obstacle that we'll need to bridge in this whole process. As … (5 comments)
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appraisals: A Kick in the Nuts with Appraisals.... Realtors and Consumers Take Note! - 02/03/09 08:31 AM
Andrew Coumo threatened action against Fannie Mae and Freddie Mac making claims that Fannie Mae and Freddie Mac failed in providing proper oversight with appraisals. It's argued that Fannie Mae dropped the ball as there was not a proper degree of separation when ordering appraisals. Needless to say, a new rule is being implemented to change the way that appraisals are ordered.
TIMEOUT COMMENTARY: Coumo has decided to punish 98% of the consumers because 2% of the consumers were really hurt by bad appraisals, straw borrowers and the lot. Don't get me wrong, the mortgage industry didn't act harshly enough or quickly enough when fraud was … (17 comments)
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Larry Bettag Illinois FHA Specialist
Saint Charles,
IL
More about me…
Larry Bettag - Cherry Creek Mortgage
Address: 40W310 LaFox Road, Saint Charles, IL, 60175
Office Phone: (630) 524-9677
Cell Phone: (630) 417-7172
Email Me
1 “Let not your heart be troubled; you believe in God, believe also in Me. 2 In My Father’s house are many mansions; if it were not so, I would have told you. I go to prepare a place for you. 3 And if I go and prepare a place for you, I will come again and receive you to Myself; that where I am, there you may be also. 4 And where I go you know, and the way you know.” ( John 14:1-4, New King James Version)
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