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hvcc: Can HVCC Just Go Away Now? Or Do I need a Good Realtor for each Appraisal? - 10/15/10 10:50 AM
HVCC is Hurting the Economy!!! HVCC otherwise known as Home Valuation Code of Conduct was designed as is the stop gap that was put in place to protect appraisers from receiving undo influence from lenders.
There are a lot of issues with HVCC. I've spoken about them in many of my posts. Most recently, I commented on a lot of the issues with HVCC. HVCC UPDATE!!!! IT HURTS THE CONSUMERS & OUR ECONOMY!!!.
What has become clear is that this law is actually driving home prices down for reasons that have never been exposed (Yes, I'm you're on the spot reporter here). … (8 comments)
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hvcc: HVCC UPDATE!!!! IT HURTS THE CONSUMERS & OUR ECONOMY!!! - 10/08/10 06:55 PM
If what I was about to tell you were isolated incidents, then I wouldn't write this. Unfortunately, it's business as usual!!!! I can't tell you how frustrating HVCC is. I can go on and on with this issue. But I'm finally convinced that the top realtors that I work with are so much better than the appraisers that are in the cycle.
I really want to call out the appraisers by name because their work has turn into such schlock since the invent of HVCC. But, alas discretion prevails. A couple of points, a couple of examples and a couple of … (12 comments)
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hvcc: HVCC is to finally go away!!!! - 02/08/10 11:37 AM
HVCC is known as Home Valuation Code of Conduct. I like to affectionately call it hell for homebuyers, home sellers, realtors, real estate attorneys and lenders. Reaty Times reported that the days for HVCC are numbered and the death of HVCC is imminent......
THANKFULLY!!!! In the article (see www.realtytimes.com/rtpages/20091221_washingtonreport.htm) It's stated that Congress took a major step in eliminating what has been a painful thorn in the side of home sellers, Realtors, home builders, mortgage brokers and appraisers since hte inception of HVCC.
As part of its financial and mortgage industry reform bill, the House voted to terminate the controversial Home Valuation Code of Conduct (HVCC) … (12 comments)
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hvcc: A Final Death Blow to HVCC???? - 01/15/10 08:51 AM
I just got this news about HVCC. HVCC is known as Home Valuation Code of Conduct, otherwise known as hell for homebuyers, home sellers, realtors, real estate attorneys and lenders. Reaty Times reported that the days for HVCC may be numbered.
In the article (see www.realtytimes.com/rtpages/20091221_washingtonreport.htm) It's stated that Congress took a major step last week toward eliminating what has been a painful thorn in the side of home sellers, Realtors, home builders, mortgage brokers and appraisers for months.
As part of its financial and mortgage industry reform bill, the House voted to terminate the controversial Home Valuation Code of Conduct (HVCC) once … (7 comments)
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hvcc: HVCC Update - 10/27/09 08:39 AM
HVCC Update. The petition that has been going around seems to have finally made its way to congressional leaders. The House Financial Services Committee has been receiving lots of noise as to the negative affects that this law is having on the consumer. More importantly, the representatives are hearing the nightmare stories that have come along with it. Stories include shoddy appraisers being allowed to "get back in the mix" even though companies have blacklisted them. Appraisers from Illinois going to Milwaukee to appraise properties where they have no knowledge of the local markets. Four bedroom homes being appraised as two … (2 comments)
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hvcc: Progress being Made with the HVCC Moratorium..... - 07/23/09 11:05 AM
I received this yesterday. As people know, I'm so passionate about the damage that HVCC is doing to not only the real estate market, but invariably the entire United States Economy. I know that they are working on putting an 18 month moratorium on HVCC. Sure, I'm OK with some oversight, but the way that the government is rolling this thing out is horrible for everyone. Here's the lastest.
Please Sign the Petition Below if You Haven't already!
… (1 comments)
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hvcc: Buyer's Beware....Times a Changing! - 06/10/09 08:08 AM
I got a call yesterday from a client who was purchasing a $300,000 house. She was putting down $250,000 as a down payment. Yes....$250,000!!!!!! Wow! She needed a loan of only $50,000. I told her what the rate was and the costs were. She told me that she was referred to me by her parents and a prior client of mine.
HER STORY GET'S WIERD......
As she was only borrowing $50,000 and has perfect credit and good reserves one would ask:
What's seems to be the problem?
It appears that she went to a local bank...in fact, it's a very … (8 comments)
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hvcc: 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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hvcc: 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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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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