New legislation in Washington which is expected to pass may finally kill the dreaded HVCC.
Real estate appraisal improvements. The House bill gives the new consumer protection agency oversight on home mortgage appraisals, and the power to create rules and standards to guarantee "appraiser independence" from pressures by lenders, realty agents and others. It also requires that once the new rules are adopted, the controversial "Home Valuation Code of Conduct" mandated last year by Fannie Mae and Freddie Mac be terminated. The code has been criticized by consumers, realty agents, builders and appraisers for encouraging lowball appraisals and the use of inexperienced appraisers willing to work for low fees.
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