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Appraisals, HVCC, and You

You've all probably read numerous posts about HVCC and its affect on the mortgage process for both purchases and refinances. We've even seen the Wall Street Journal today write about deals going down the tubes because of it AND there is a petition to get HVCC stopped.

This new regulation is called HVCC and it affects the way appraisals are being done for mortgages. I wanted to get you some important information on the kinds of changes you will see as a consumer and a real estate professional.

1. An increase in costs
2. Longer turn times (resulting in longer lock times)
3. Need to pre-pay for services

We've put together an online presentation to help you understand the impact this has. Feel free to send it to friends and clients.

Click here for a presentation on the HVCC and how it affects you

Jeff Baxter

Your Mortgage Banker at the Beach

Jeff Baxter - Prosperity Mortgage - Bethany & Rehoboth Beach, DE

My Website - Email: jeff.baxter@prosperitymortgage.com

Posted by Jeff Baxter on 06/09/2009 09:59 PM

Comments (4)

Appraisals in the Mortgage / Finance Channel

hvcc, appraisals

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4 Comments on Appraisals, HVCC, and You

JUN

I dont get the real value of this new process... because some appraiser and lender cheated the system we all now need to be treated like the bad guys. Seems like the horse has all ready left the barn

Hi Jeff,

Like many things, what seemed well-intended can do more harm than good in the long run. I clicked on over to you link and loved the title "Conservative Approach to Home Pricing Makes It Harder to Refinance or Sell" ...IMHO that also helps showcase the other side of the situation.

BTW, this issues was one of the topics we discussed earlier today at my REALTOR/lender mastermind group.

JUN

Very good stuff. Talk about closing the barn door and chaining it shut after the horse has kicked out the whole back wall. Typical government overkill -- requiring a lot of unnecessary effort to get it reversed.

Eric - Have to agree with you there, the horse has left the barn. But, now it looks like we may be poisening the water the horse needs to live.

Lynda - I'm glad this issue is being discussed among Realtors and Lenders. BTW - the HVCC petition can be signed by Realtors as well.

Jim - Thanks for the comments and I agree the bard door is now secure while the barn itself has lost all it's walls.

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