Special offer

The HVCC Fight Is On With H.R. 3044 - 06.29.09

By
Real Estate Broker/Owner with Bay Realty,Inc Homer Alaska

 I dont know about you all but this new HVCC has been harmful to our business and to the buyers and sellers.. it is not good... please sign the petition and call your legislators!

If you have not signed this petition please do...  http://www.hvccpetition.com/

We the undersigned understand that the intentions of the Home Valuation Code of Conduct ("HVCC") were to help curb the potential for fraud with respect to the valuation of residential properties. We must however bring to your attention the reality of the situation that HVCC has already caused.

  1. Since "Appraisal Management Companies (AMC's)" are taking up to 40% of the total appraisal fee, and are not being regulated to ensure that their appraisers are licensed and competent, we are seeing unlicensed and inexperienced individuals performing property inspections with grave data entry errors. These inferior appraisals are then being "signed-off" by other parties that NEVER INSPECTED THE PROPERTY and are creating unnecessary financial hardship for buyers and sellers.
  2. With mortgage loans being denied due to inaccurate appraisals, borrowers are being forced to apply with other lenders who in turn have to charge the consumer ANOTHER APPRAISAL FEE to proceed with the transaction. This vicious cycle can go on endlessly costing well intended clients a great deal of money and time.
  3. Under HVCC, no one involved in the transaction is allowed to communicate these major issues (EVEN LICENSED LOAN ORIGINATORS) directly to their appraisers. So countless real estate transactions that would have otherwise closed are now failing, resulting in continued property devaluation and offering NO stimulus to our economy with the exception of the unregulated AMC's who are making unjustified profits at the expense of home loan applicants and licensed, qualified appraisers.
  4. Licensed appraisers have legal and ethical standards in place already. The emphasis should be on making appraisers abide by these, rather than frustrating the ordering and communication process. This well intended legislation is severely misguided.


Although HVCC has good intentions, its flaws are severely hurting our housing industry, the consumer and our economy. We are requesting that HVCC be discontinued or thought through thoroughly and retooled in order to stop the devastation it has caused and will continue to cause on our housing industry and our economy.
and call your elected officals regarding the bill to at least stop this for 18 months.

The HVCC Fight Is On With H.R. 3044 - 06.29.09

 Check out this video regarding a new bill we all need to put a moritorium on NOW!

 H.R. 3044 is the bill to support by calling and emailing your representatives TODAY. http://www.thinkbigworksmall.com/mypage/player/tbws/10919/ 

 

 

Comments (0)