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Tampa Real Estate - HVCC under review by the House - could be on its way out

Hello Tampa Bay!

Most realtors, appraisers, lenders and those of us in the industry will be happy to see HVCC go. It was an over-reaction and a band aid to fix a larger scale problem. Its caused so many home owners and buyers to be unable to purchase homes that were in line with market, that they truly wanted, because inexperienced and out of town appraisers willing to do the work cheaper got the job. I'll be happy to see this go away if it gets axed!

House committee weighs scrapping HVCC

WASHINGTON – Nov. 2, 2009 – The appraisal system imposed by Fannie Mae and Freddie Mac last May is under attack by the House Financial Services Committee and could be on its way out.

The “Home Valuation Code of Conduct” could be terminated by the proposed Consumer Financial Protection Agency under a bipartisan amendment approved by the House committee.

The amendment would require the new agency’s director to replace the code with a set of rules developed through regular administrative procedures and public comment periods used by all federal agencies. The valuation code was the product of a settlement among New York Attorney General Andrew Cuomo, Fannie Mae and Freddie Mac, and the Federal Housing Finance Agency.

Critics say the code created more problems than it solved and has encouraged lenders to use inexperienced appraisers who don’t know the areas where they are doing the work, which results in lowball valuations as well as higher fees.

The legislation under which the code would be scrapped is likely to pass the full House, but may have a tough road in the Senate.

Source: The Washington Post Writers Group, Kenneth Harney (10/30/2009)

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Posted by Andrew Duncan on November 04, 2009 at 09:36 am

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