What is HVCC?? Why should we care about it????

The Home Valuation Code of Conduct will starts effective May 1, 2009 stipulates that the appraisers, loan officers, lenders and real estate agents will handle the appraisals differently.

• A loan officer can NOT order the appraisal, and can not be involved with the selection of the appraiser
• The loan officer must have the lender order the appraisal and the appraiser is a member of a group of appraisers.
• If a second appraisal is needed, then that appraiser can not be from the same group of appraisers. An appraiser must be from another group of appraisers entirely.
• Appraisers with little or no experience will be used as the regular appraiser will not be able to set their own rates and pay a part of their fee to the group of appraisers.
• This will apply to all FHA laons and many loans were fannie mae or freddie mac is involved in the transaction.
• Each person in the deal is affected by this change: the buyer, seller, lender, loan officer, appraiser, and real estate agent.
• We know appraisals help cause the housing melt down but this is no way to handle it.
• Escrows will take longer due to this change with appraisals, so notify your clients to expect delays!!!

What are your thoughts

Marian Thomas

mavericksellsmoney@gmail.com