HVCC has "big brother" written all over it...

By
Real Estate Agent with Tierra Antigua Realty

Hello Fellow Professionals,

If the HVCC (Home Valuation Code of Conduct) hasn't hit you squarely between the eyes yet, it soon will.  When it was first thought up, the proposal was well intentioned to make appraisals more fair and keep as many hands off the appraisal process as possible.  What this bill has ended up doing is something far from a good-intentioned effort.

Take a look at this to learn a lot more:

http://www.appraisalpress.com/news/articles/hvcc_the_cure_is_worse_than_the_disease/

After you read this and stop your blood from boiling over, get ready for longer escrow periods (the underwriters are already seeing to this, but the appraisal process is going to make it longer as well) and get ready to work on your powers of reasoning with disgruntled clients.  This is nothing more than government beaurocracy at its damnedest.  And just wait until the IVPI kicks into high gear (another government invention to oversee). 

I guarantee that with these market hindrances, we have a much longer period of recovery in the housing market.

Get ready, get set and wait................................

Best of Luck!

Comments (3)

Patrick Randles
Nova Home Loans - Tucson, AZ

HVCC might get put on hold. Members of Congress are pushing for an 18 month moratorium on this legislation and supposedly, it should be placed in to effect in the next few months.

Jul 14, 2009 09:54 AM
Michael Rohde
Sunstreet Mortgage LLC. Licensed Mortgage Professional - Tucson, AZ

Nick, I feel for you 100% because as a Tucson Lender we have to deal with this on a daily basis as well. Good intentioned I agree but Big Brother is not too far off. What would George say. Also check out my post today, I put a link in it addressing HVCC. It's kind of interesting.

Aug 20, 2009 08:57 AM
Dana Lim
Allstate Insurance - Tucson, AZ

Nick, just another fine example of Uncle Sam regulating where he shouldn't.

Feb 11, 2011 10:33 AM