As my faithful blog followers know, I am adamantly opposed to the HVCC Code of Conduct and I think it should be withdrawn. The petition to change the HVCC is now up to 16,000 signatures. You can view the petition here.
I have heard some terrible stories about how this code is hurting the Real Estate market. I personally know one loan officer who is writing every loan FHA in order to be able to still order their own appraisals. That loan officer admitted to me in confidence that he/she (I'm not saying) should have done a conventional loan for this borrower but he/she (still not saying) didn't want to risk ordering the appraisal from an AMC so it was written FHA even though it would have been a little better payment for the borrower to get a conventional loan!
I also know another loan officer who hasn't been able to get a house appriased bacuase of the HVCC. Here's what happened to him (I'm saying). He ordered the appraisal from the AMC. The AMC advised him the appraisal had 48 hours to log on and accept the asignment. Well guess what - the appriser refused the assignment and it got kicked back into the que. Now the next 7 appraisers (no joke) did the same thing and he is still waiting to get someone who will accept the assignment - 3 weeks later!
If you have a story to share about how the HVCC has affected your business - please post a comment and tell me all about it.