The Home Valuation Code of Conduct (HVCC) sprang out of the belief that, at least partly, the fault of the credit crises lies on the coercion of appraisers, by banks, to value homes higher than the houses warrant. The HVCC sets up a new layer of middlemen who will be immune from pressure from the banks. Appraisers will work for these middlemen.Some feel that the cure is worse than the disease, causing harm to the appraisal industry and drive many appraisers out of the system. This article is from the Appraisal Press.
The Home Valuation Code of Conduct (HVCC)
ReplyDeleteRegulation will only cost the consumer more money for an appraisal and cause a higher rate to be delivered to the consumer than necessary, due to inherent delays in processing.
Dana Bain
Premiere Mortgage Services Inc.
www.BainMortgage.com
Sterling, MA 01564
"...who will be immune from pressure from the banks."
ReplyDeleteOh really? How does one become immune to pressure from their clients? The HVCC will allow collusion (through pressure) on a scale never before seen in this Country. This rule package is a joke.
AJ The Appraiser