HVCC - Crucial Update on House Bill 3044 for putting a moratorium on HVCC

Mortgage and Lending with Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 NMLS ID# 158606

I signed the petition for putting a 1.5 year moratorium on HVCC.  I received an update as an exciting bill intends to put a pause in the executin of this bill.   

HVCC Continues to devastate home values across the US.  There is a fear that with higher Fannie and Freddie loan limits it will carry through to our former "jumbo" markets, leading the country even further into recession.  Representatives Childers (D-MS) and Miller (R-CA) introduced legislation (H.R. 3044) requesting an 18 month moratorium on the Home Valuation Code of Conduct (HVCC). 

H.R. 3044 now has over 54 co-sponsors and now is the time to forward the petition to every person you know and every representative in the country.  Read some of the comments in the petition and you will soon understand the harmful nature of this horribly misguided code. 

Please sign and forward the following petition and forward to everyone you know in the industry and ask them to forward to their representatives:


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Stephen Kappre
KW Hometown - Mantua, NJ
Helping You Home

For as much change the industry has gone through in the last couple of years, the more recent changes may be an even more hurt. It really is amazing the change going on, and how so much of it is more bad. Just another case of the big guys dictating about more stuff they dont know about!

Aug 18, 2009 04:20 PM #1
Todd Clark
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

I had one buyer that lost two homes they had put offers in on when the appraisals didn't come back for even close to what the homes were selling for. That buyer signed the petition at the closing table when we finally did find a home that appraised.

Todd Clark - www.LivingBeaverton.com

Aug 18, 2009 11:46 PM #2
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

I have almost an identical story to Todd CLark above...it is getting so hard to do business!!!

Aug 19, 2009 01:04 AM #3
Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life

I'm in, Larry.  This HVCC stuff makes no sense.  Will we see them required for FHA Loans as well here soon?

Aug 19, 2009 03:53 AM #4
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

I've been hearing that the recession is over. I think it was even on the cover of Newsweek recently. I think I read one report that said it ended in December 2008. I know I've been doing everything I can to stimulate the economy -- eating out three times a week instead of once a week, buying a new camera, etc.

Aug 19, 2009 10:34 AM #5
Alix Pinzon
Open Mortgage, LLC NMLS # 2975 - Downey, CA

Appraisal fees should be up, considering the extra 45 minutes required to complete the 1004MC.  Appraisers should be getting fees around $450 for a typical single family, but as a result of the greed and market share grab by the Appraisal Mangement Companies (AMC's), most Appraisers are only getting $200-230. 

Complaining won't create any changes.  It's up to Appraisers to turn down this sweatshop priced work, and move onto a better career, where they'll truly be appreciated.  I've learned that talking to Agents, or Mortgage Brokers about this issue is a complete waste of time, as most of them don't give a rats behind about anyone except themselves. 

Not until most of the worthy Appraisers have left the profession, and the industry is left in shambles, will someone with the power an ability to reverse this idiotic rule.  Andrew Cuomo is a politician, not an Ecomomist, not a Realtor, not a Mortgage Broker, and sure as hell not an Appraiser.  He had no business playing God with the industry, and in the end he'll have egg on his ugly face.

I've said it before, and I'll say it again. the only thing that needed to be done to correct the major lender pressuring problems, was and will eventually be, better (in-house) reviews by the Lenders, and "real enforcement" by the State Appraisal Regulators.

Oct 19, 2009 06:52 AM #6
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Larry Bettag

Vice-President of National Production
What to know how to buy if you're a bit credit challenged?

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