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How long does it take to buy a house today?

By Jen Hudson

Real Estate Agent with Windermere Real Estate/M2, LLC

October 11, 2009 06:53 AM

This summer brought two monumental changes to the lending industry. First, the HVCC eliminated a mortgage broker's or lender's ability to deal directly with an appraiser. Second, the Regulation Z was modified effective July 30, 2009.

So, what does this mean and why should you care?

For the HVCC rules, when your lender can't communicate directly with an appraiser, it drastically slows down the process. This new rule has made it virtually impossible for mortgage brokers or lenders to order the appraisal at the time necessitated by the circumstances of the transaction. In addition a mortgage professional is now going to get whatever appraiser is assigned to the transaction through a new, unnecessary third party....

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Thought this was interesting & want to continue reading? The rest of this article can be found at http://jenhudsonhomes.com/blog/archives/938. If you would like to learn more about real estate in general, visit my website at www.jenhudsonhomes.com.

Jen Hudson
206-293-1005 cell
360-652-1200 office
jen@jenhudsonhomes.com
CCIM Candidate, CDPE, GRI, Realtor
Windermere Real Estate/M2, LLC
Want to learn more about real estate? Visit my website at www.jenhudsonhomes.com

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Simon Smart

Sunstreet Mortgage, Arizona - Tucson, AZ

Good article Jen. The HVCC rules has made things very difficult for brokers. I was one, and after my second appraisal ordered through HVCC took over three weeks, I left to work for a local mortgage bank. We have our own HVCC system, and our underwriters, who sit in the office with me, can talk to the appraiser. Even better is that because we don't work through an AMC, who tend to take half the appraisal fee for themselves, we are able to pay our appraisers properly, and are finding they do a much more thorough job, and getting appraisals back to us in a couple of days.

In this environment, it is important to know who has the capabilities and architecture to get things done. I know some great loan officers in Tucson who I would recommend working with, if they weren't working for broker shops who have to deal with so many extra levels of frustration and delay.

Simon

Oct 11, 2009 07:15 AM

How long does it take to buy a house today?

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