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Update On HVCC - The Home Valuation Code Of Conduct

By
Real Estate Agent with Executive Properties

money and home scale

An update on HVCC - Home Valuation Code of Conduct.

Today is a big day for the real estate industry. Here's why...

Today the National Association of Mortgage Brokers will be delivering 117,000 signed petitions from mortgage brokers all over the country to Attorney General Cuomo's Manhattan office. The petitions seek the killing of HVCC.

The new regulation, which was put in place by Fannie Mae and Freddie Mac along with New York State Attorney General, Andrew Cuomo, is not only driving appraisers out of business but also killing real estate sales transactions throughout the country which doesn't really help the housing recovery. Inexperienced appraisers are performing appraisal inspections on markets they're not necessarily familiar with and driving prices even lower.

The National Association of Home Builders has just released a monthly sentiment survey that says that "fully one third of respondents indicated that they have recently lost sales due to low appraisal values".

There's currently a bill in the House of Representatives (H.R.3044) sponsored by Rep. Travis Childers to institute a moratorium on the Home Valuation Code of Conduct, but it's currently stalled.

Have you had any problems with HVCC recently? I would love to hear your story!

To Your Success ~

Maria

Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, ABR,CNE,CRS,ePro,PSA,RENE,SRS

Maria thanks for your post and shedding some light on this interesting topic!

Nov 18, 2009 02:39 AM
Shelly Whitworth
MorSystems.com - Carmel, CA

Thank-you Maria, it's an important one to follow and squash!!

Nov 24, 2009 04:24 AM
Debbie Baldes
Calling Boise Home - Boise, ID
ABR, SFR, e-PRO, CHS

HVCC - It's put the kabosh on some of my deals. All these crazy new ideas...to help the consumer?  No way, they are only making matters worse.  I think if things are going to change for the better, they need to crack down on all the non-licensed people in the mortgage industry....that would solve a lot of our problems! 

A little bit of advice for the consumer, make sure your lender is licensed by the Department of Real Estate and that your real estate agent is a Realtor.  They have to follow strict rules of conduct!

Nov 29, 2009 03:50 PM