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Home Valuation Code of Conduct (HVCC)
Lending has become tougher than ever and the Home Valuation Conduct Code, which became effective May 1, 2009 has thrown the real estate and lending industry into chaos.
I recently had clients approach me who were in need of a cash-out refinance to make improvements to their home. Ordinarily this would be an easy transaction. The borrowers had great credit and enough equity in their home, but after the Home Valuation Conduct Code started it was another deal waiting to die without a mortgage broker knowledgeable in navigating the Home Valuation Conduct Code waters.

If you know anything about the fallout from the Home Valuation Conduct Code you’ll see that homeowners and home sellers are desperate to not let the Home Valuation Conduct Code trip their transactions up.
What is HVCC? 
Simply stated the Home Valuation Conduct Code prevents mortgage originators from ordering appraisals for loans that will be sold to Fannie Mae or Freddie Mac, in other words, the best priced conforming and conforming jumbo loans. That sounds OK, except that the companies now ordering the appraisals, called Appraisal Management Companies (AMC’s) often pay appraisers one half of their pre- Home Valuation Conduct Code fees and often send appraisers ... more

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