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
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