Home Valuation Code of Conduct (HVCC) Call To Action

Very Important , EVERYONE MUST SEE THIS! Sign the Petition.

The Home Valuation Code of Conduct has been wreaking Havoc on consumers and the real estate industry since the agreement went in place on May 1, 2009. Home Valuation Code of Conduct (HVCC) Overview

HVCC

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HVCC is a new agreement between the Federal Housing Finance Agency (FHFA) and the New York Attorney General’s office to help enhance the integrity of the home appraisal process in the mortgage finance industry by implementing policies that govern the way appraisals are ordered for all single-family mortgage loans that are sold to Fannie Mae and Freddie Mac.

Simply put, HVCC is intended to create a communication barrier between the appraiser and those who derive their income from the successful closing of a loan.

As defined by the federal agencies, the “loan production staff” consists of those responsible for generating loan volume or approving loans, as well as their subordinates.

An official statement from the National Association of Mortgage Brokers (NAMB) -

A revised HVCC released on December 23, 2008, by New York Attorney General Cuomo is a de facto regulatory action, failing to follow necessary regulatory procedure.

The Home Valuation Code of Conduct (HVCC), as written, goes too far. It will impair consumer choice and impede competition, ultimately costing consumers more money and hurting small businesses in a way simpler, more effective, less burdensome solutions would not.

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