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Did you know that President Obama signed the bill eliminating HVCC?

By
Real Estate Agent with Berkshire Hathaway HomeServices California Properties 01238708

Did you know that President Obama signed the bill eliminating HVCC? This past Friday on July 23rd he signed the Dodd-Frank Act, which was to reform the financial markets. A byproduct of this is the Home Valuation Code of Conduct (HVCC) is set to be eliminated in 90 days.

Let's not all rejoice yet. The "appraisal independence standards" will be written by law makers in the next 60days. This newly created bill unlike HVCC will allow Fannie Mae and Freddie Mac to accept any appraisal report completed by a licensed appraiser selected or paid for by a mortgage loan originator.

We will have to see what the Federal Legislators will create for rules on appraisers and how much independence will they have.

I am wondering how much input the legislators will ask from the National Association of Realtors?

If you are a consumer  who is considering buying  or selling  a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com  or visit one of my websites at http://www.endrebarath.com  Your Pet Friendly Realtor. I contribute a portion of My commission to Local Animal Rescue Organizations.  

Comments (17)

Doug Anderson
Tucker Associates Real Estate Services - Danville, CA
Bay Area Real Estate Views

This will be very much worth watching and I am hoping that some commonsense will return.  We will see. ~ Doug

Jul 24, 2010 09:09 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Doug, I hope so as well, commonsense would be helpfull:))

Jul 24, 2010 09:28 AM
Ken Barker Realtor® GRI, E-Pro Certified
Dilbeck Real Estate - Burbank, CA

Endre,
The biggest thing is to put it back in our/lender grasp. I am sure that they will still have their set guidelines to follow. I hope this will fall out to something good for the people. US.

Jul 24, 2010 03:54 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Ken time will tell:)))))))))

Jul 24, 2010 06:45 PM
Josh David
Bridgeview Bank Mortgage - Tampa, FL
Purchase Specialist... www.joshdavid.us

Like you mentioned, let's not celebrate too soon. After-all this is the same legislation that put this ridiculous code into place. I am relieved to hear this, but fear the end result.

As a mortgage banker I fight this tooth and nail every day. I hope this is becoming to see the light at the end of the tunnel, and I say that being optomistic.

Great info Endre!

JD

Jul 25, 2010 10:21 AM
Russel Ray, San Diego Business & Marketing Consultant & Photographer
Russel Ray - San Diego State University, CA

There was a lot of stuff in that financial reform bill. Let's hope that it actually reforms some stuff.

Jul 25, 2010 12:35 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

JD, I hope your analogy of light at the end of the tunnel is not a train comming:))) I am cautiously optimistic

Jul 25, 2010 12:41 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Russel you are too funny, I hope so as well:)

Jul 25, 2010 12:42 PM
Barb Fischer
Big Block Realty - La Mesa, CA
San Diego and La Mesa Real Estate

I had no idea, thanks for educating me!

Jul 27, 2010 11:58 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Barb, you are welcome:)

Jul 27, 2010 12:42 PM
Aaron Silverman
SuccessfulRental.com, Bluewater Property Management, LLC and Lowcountry Turnkey Properties, LLC - Charleston, SC
Improving Real Estate Experience through Education

Hopefully accountability is returned to the system.  Without accountability it is very difficult to ensure a good work is completed. 

 

Aug 01, 2010 05:12 PM
Anonymous
Stephanie Russo

I would first lie to  say there was absolutlely no point in having a middle between the lender and the appraiser. Whether or not the lender needs a certain value and the appraiser supports the UNDERWRITER is the one who APPROVES the loan. The real estate professsion is suppose to be about independence and building a team and  business. Appraiser are independent contractors who go out and are suppose to draw up business.Brokers and lenders should be allowed to choose there own appraiser.  We were fighting to get orders left and right on with these management companies to get a order. Its ridiculous. We bust our butss driving around every day then have to type up reports and get them in within 24-48 hrs for our fees to be cut. To topit off these management companies pay once a months or 45 days, I have bills to pay just like the rest of the world. I think we should go back to normal were appraisers and lenders have there own team and structure, and collect at the door. I got my fingers crossed

Aug 03, 2010 01:25 PM
#12
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Aaron you are so right Accountability is the Key

Stephanie- thank you for joining the conversation, we all need to hope for the best and be prepared for the worst.

Aug 03, 2010 08:07 PM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

I understand what HVCC was attempting to remedy.  However, I believe it caused many more problems than it could solve.  Hopefully the next attempt will be better, or maybe we could just have less interference.

Aug 17, 2010 05:20 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Christine, it is unfortunate that our politicians are incapable of thinking something thru and looking all the pros vs. the cons and come up with an intelligent law. I hope this time they will go deeper in their thought process:))

Aug 17, 2010 06:39 PM
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

Personally, I'll be only to happy to wave bye-bye to HVCC, and not soon enough.

Aug 21, 2010 03:41 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Jim I agree my only concern what will they replace it with?? I hope something better.

Aug 21, 2010 05:29 PM