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hvcc law changes: 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 law changes: 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 law changes: 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 law changes: 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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hvcc law changes: 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 law changes: 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 law changes: 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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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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