HVCC petition still has less than 50,000 signatures?

I was in a meeting with about fifty realtors the other day who had not even heard about the hvcc petition!

We can't assume that everyone has heard about it - as a matter of fact it's obvious the word has not gotten around since there are less than 50,000 signatures. OR have you heard about it but chose not to take the two minutes to sign it? I personally have forwarded the petition to all my current and past clients and asked them to sign it.

So for those of you who STILL have not heard about it, I will make it simple:

HVCC stands for Home Valuation Code of Conduct.

It was put into place to help curb the potential for fraud with respect to the valuation of residential properties.

This has changed the entire process for banks and mortgage companies to order the appraisals from the professionals that they have trust in from their proven track record and have built a relationship with over the course of their career.

1. We can NO LONGER order conventional appraisals from our trusted appraisers. We now have to go through a third party company that will order the appraisals from appraisers who are willing to work for less b/c the middleman (third party company) takes 40% of the fee. Honestly, don't we get what we pay for? I don't know any experienced appraiser that would be willing to cut their income by 40%. Alot of them are now froced to get out of the business.

2. The appraiser does not have to be located anywhere near the property that needs to be appraised! Would you feel comfortable with an appraiser coming from 200 miles to do your appraisal? This WILL affect your transactions people - don't just assume that it's the mtg company's problem.

3. We can NO longer have ANY contact with the appraiser! WHAT? Ok an appraisal comes in low with inaccurate information and we can't fight it? I personally had one where the appraiser knocked the value down 15,000 b/c he was using comps for a condo that sat right on the 101 freeway with DOUBLE windows (not double paned) and was in a far inferior neighborhood when there were plenty of comps supporting the property my buyer was buying. I sent emails and voicemails to try and discuss this inaccurate information and was completely ignored. I then found out that he never even went to the property!

4. If the loan needs to be submitted to a second investor for any reason, a whole new appraisal has to be ordered - resulting in additional fees to the consumer.

Ok this is just a brief overview of what the hvcc is -As of now because of all the problems, there is legislation requesting an 18 month moratorium on the hvcc. But we need more signatures to have it permanently reversed.

PLEASE GO TO WWW.HVCCPETITION.COM and help YOUR future business.